FAIRFIELD, N.J.—The Megadyne S.p.A. group of companies is in the process of adding another major component to its growing network.
In a move aimed at building its specialty belting manufacturing and fabrication operations, Jason Industrial Inc.—Megadyne's wholly owned U.S. manufacturing, sales and distribution arm—will purchase Belt Corporation of America from owner Bill Levensalor and his wife Maureen. They are the two prime shareholders in the company, according to Philip Cohenca, CEO and president of Megadyne's North and South American operations, which consists of Jason, Megadyne America and Timing Belt Manufacturing Co.
Financial details were not disclosed, but he said the transaction likely will close at the end of August.
Bill Levensalor will remain with the stand-alone business and run the operation. The company's work force of about 60 will be retained and continue to operate out of Belt Corporation's 40,000-sq.-ft. production plant in Cumming, Ga., where the firm is headquartered.
It will become a subsidiary of Fairfield-based Jason, Cohenca said, but will operate on a stand-alone basis, although Jason will look to integrate parts of the operation that fit.