FAIRFIELD, N.J. (March 15) — Rubber and urethane belting manufacturers Jason Industrial Inc. and Megadyne International S.r.l. have formed an alliance under which they are consolidating under a recently created holding company.
The new parent, Megadyne S.r.l., will hold the assets and stock of both businesses, each of which will continue to operate as an independent operation, according to Philip Cohenca, president and CEO of Jason Industrial.
"Shareholders from both (privately held) companies exchanged stock and put in it the new holding company, which oversees both businesses," he said.
The companies, with a strong working relationship that dates back to the late 1970s, will continue to use their own names, he said, but they now have all the advantages of a big corporation with a strong worldwide base. He did not divulge financial aspects of the deal.