Acquisition strengthens industrial distribution presence in Akron
COLUMBUS, Ohio — April 26, 2017 — Ohio Transmission Corporation, an industrial equipment distributor and service provider headquartered in Columbus, Ohio, announces the acquisition of the assets of Tri-Power MPT, Inc., which has a single location headquartered in Akron, Ohio.
Tri-Power MPT, Inc., distributes automation, electrical, power transmission, motion control and safety products, primarily in the northern Ohio industrial markets. Founded in 1954, the company has received recognition by Industrial Distribution as one of the Top 50 small distributors in North America. Tri-Power MPT is one of the principal independent distributors for many of the core product lines that it represents.
Tri-Power MPT maintains a diverse customer base in a variety of industries, including food processing, automotive, Amish manufacturing, glass, medical, packaging, plastics, stamping, steel, tire and rubber.
“Like OTC, a key differentiator for Tri-Power is to be considered experts in the products they represent, a responsibility their 14 associates take to heart,” said Phil Derrow, president and CEO of Ohio Transmission Corporation. “Most importantly with all of our acquisitions, we welcome the addition of new associates to our team. OTC is a people-focused business with product and service experts who know how to help customers find the right solutions. Our 14 new associates in Akron are excited to join our fast-growing company and we’re excited to work with them.”
With this acquisition, Ohio Transmission Corporation now has 29 locations throughout the South and the Midwest and Northeast regions, along with 12 service shops. The addition of Tri-Power MPT’s 14 associates brings Ohio Transmission Corp.’s total employment to 800 employees.
“Tri-Power is an excellent strategic fit that further enhances our ability to provide value and technical expertise to our customers in northern Ohio,” said Matt Piatt, COO and CFO of Ohio Transmission Corporation. “We are pleased to welcome the Tri-Power associates to the OTC family.”
“While OTP has offices in northeastern Ohio and Pittsburgh, the addition of Tri-Power MPT provides us with a dedicated team in the Akron market and strengthens our presence in that area,” said Rob Webb, president of OTP Industrial Solutions. “Our customers value the expertise of our associates and the professionalism we bring to every relationship. The associates of Tri-Power MPT will be an excellent addition to help us deliver outstanding service and products to northern Ohio.”
The acquisition of the assets of Tri-Power MPT will expand OTP’s product line offerings. In turn, Tri-Power MPT, as a branch of OTP Industrial Solutions, will have access to OTC’s vast product and service offerings and support resources. The acquisition provides significant growth opportunities for Tri-Power MPT’s associates and will provide its customers with a more comprehensive set of technical solutions.
“I’ve known OTC for as long as I’ve been in this business, and they share our values of commitment to product expertise and integrity in all they do,” said Ric Wiley, president of Tri-Power MPT, Inc. “They represent the very best opportunity for growth for the associates of Tri-Power MPT to continue to do what they do best every day.”