Schwing America Acquires Assets of Loop Belt Industries
ST. PAUL, MN Schwing America announces the closing of transaction for the purchase of all the assets of Loop Belt Industries, makers of high-quality truck mounted telescopic conveyors.
"We are thrilled to acquire the assets of Loop Belt Industries and incorporate them into the Schwing family," said Bill Murray, CEO of Schwing America. "This asset purchase adds diversification to our existing portfolio and will provide our customers with enhanced high-performance concrete and aggregate conveying options."
The acquisition includes intellectual property, patents, patent applications, copyrights and trademarks, among other assets. The Loop Belt products include 33-Meter and 40-Meter truck mounted telescopic conveyors, a tractor trailer mounted 40-Meter conveyer, and a tower mounted conveyor for stationary applications.
"The Loop Belt product line complements Schwing's concrete machinery portfolio in a strategic way enabling our customers to grow with Schwing," said Tom O'Malley, Senior Vice President of Sales & Marketing. "The advanced design features, including an all tubular steel boom, 20-inch wide belts and flexible outriggers, offer users a reliable unit that can convey several types of materials including concrete, aggregates and sand."
Along with the asset purchase, Schwing has hired Loop Belt Industries President, Joseph Gallione as a Senior Product Engineer & Operations Support Manager. Gallione will continue to lead the Loop Belt product line in its current operating model and the transition of Loop Belt production from Glen Ellyn, Illinois, to Schwing's manufacturing facility in White Bear Lake, Minnesota.