Central Moloney Inc. of Pine Bluff announced last week its acquisition of Superior Tool Inc. of Redfield.
Superior Tool, founded in 1996, operates a 10,000-SF facility in Redfield, and provides highly specialized tool- and die-making expertise and equipment.
Financial terms of the deal were not disclosed.
CMI, founded in 1949, operates two facilities in Pine Bluff that make transformers and components products. The company has 550 employees and ranked 68th on Arkansas Business‘ 2018 list of the state’s largest private companies. CMI reported revenue of $150 million for fiscal year 2017, which was up more than 15 percent from the year before.
“We don’t view this as an acquisition,” CMI President and CEO Chris Hart said in a news release. “Our position is that we are adding to the already impressive CMI family. Bringing Jason Burnside and the team at Superior only strengthens our position of commitment to providing the highest value to our existing customer base. It also allows us to contribute to, but not radicalize, the stellar reputation previously earned by our new tooling division.”
Burnside, Superior’s founder, will be joining CMI’s executive team as vice president and general manager of tooling operations.
Superior Tool has seven employees, and all of them will be hired by CMI, company spokesperson Jeanette Holden told Arkansas Business in an email Monday. This deal was in the works for about seven months, she said.
Holden also said, “Superior Tool has been a valued partner with the CMI Components Division for years. We are very familiar with their culture and capabilities and know that this acquisition will enhance their ‘reach’ and opportunities for growth.”
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