HIRAM, Ohio—Duramax Marine has acquired the assets related to the marine bearing and fender business of Morse Rubber L.L.C.
Headquartered in Hiram, Duramax Marine bought assets that were part of Morse Rubber's dock fender, marine bumpers and marine bearings offerings. All tooling, inventory and equipment previously owned by Morse will be moved to Duramax Marine facilities in Ohio, according to a news release from Duramax.
No facilities of employees were included in the transaction, which closed in November. Terms of the deal were not disclosed.
Duramax Marine is a manufacturer of lubricated bearing technology, with all products made in the U.S. It was founded in Middlefield, Ohio, in 1895 and operates two manufacturing facilities in the state while serving a global base of customers. Duramax Marine has been 100 percent owned by employees for the last 13 years.
Morse Rubber's marine business is the second acquisition for Duramax Marine in the marine bearing and impact protection markets, and the first in nearly 30 years. Duramax Marine purchased the marine bearing division of B.F. Goodrich in 1996, which significantly expanded its market share and product offerings.
Duramax Marine President and CEO Brian Fink said in a statement that his company will use the knowledge and expertise from Morse Rubber to help grow its business globally. "We are excited to add the Morse Rubber marine products and customers to our business," he said. "We are pleased that we can keep American-made products with a long, proud history in the USA.
"Our employee-owners look forward to providing excellent quality, service, support and value to the many Morse customers around the world," Fink added.