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Equipment Technologies Sold To EXEL Industries
Paris-based EXEL Industries has acquired ET Works, LLC. Located in Mooresville, Indiana, the company is also known as Equipment Technologies and is the maker of the Apache sprayers.
“It is with great pleasure that we welcome ET Works and its employees in our family owned Group,” says Guerric Ballu, CEO of EXEL Industries. “This strategic acquisition for EXEL Industries Group, strongly increases our presence in North America, the world’s biggest ag-machinery market. ET Works will benefit from EXEL’s distribution networks in other parts of the world and from EXEL’s innovative technologies to enhance its product range.”
“We are pleased to be joining forces with EXEL,” says Matt Hays, CEO of Equipment Technologies. “We see a wonderful alignment of EXEL’s drive to innovate and our management of ET for the long term. We believe that as part of EXEL we will be well positioned to support our customer’s needs into the future. The deal allows ET employees, suppliers and dealers to continue to operate in the same manner that has generated many years of exceptional performance and service to our customers.”
In 2015, Apache self-propelled sprayers saw revenues of $90 million and approximately $140 million before the market downturn. ET will continue to do business with its current management under the Equipment Technologies and Apache names. The company employs 170 in its manufacturing and selling facilities. Its headquarters will remain in Mooresville, Indiana.