ATC Drivetrain acquires HL Smith
Global powertrain and drivetrain systems remanufacturer ATC Drivetrain has announced the acquisition of HL Smith Transmissions Ltd (HLS), the UK-based CV drivetrain and steering systems remanufacturer.
HLS operates from an 85,000 square-foot facility with full capability for engineering and remanufacturing of manual and automatic transmissions, drive heads and differentials, power steering boxes and prop shafts.
“ATC’s global depth in electronics and mechatronics combined with HLS’ expertise in commercial vehicle mechanical steering and powertrain systems provides synergies that will strengthen our market position and broaden the scope of our products and services,” said Greg Heald, ATC president and CEO.
“The transaction with HLS marks ATC’s second acquisition in the UK and fourth acquisition in the past two years as we continue to build out the company’s geographic reach, capabilities and end markets.”
George Kostopoulos, ATC vice president, global sales and marketing, added: “This acquisition will generate significant opportunities in a new vehicle segment for ATC as we will now service the commercial vehicle market including heavy commercial, public service, buses and coaches, military vehicles and light commercial vehicles.
“There are currently more than 12 million commercial vehicles on the road in Europe, with an average age of 13 years which provides a deep market for its remanufactured products.”
Russell Smith, the current owner and son of the founder of HLS, who is retiring following the completion of the transaction, said the acquisition marks a new and exciting phase for HLS.
“ATC’s acquisition will allow HLS to continue to grow and provides a secure future for our employees,” he said.
“I’m confident the company is in good hands with the leadership of CEO Greg Heald and his team.”
Adrian Aston, the managing director of ATC Drivetrain UK Ltd, commented: “We look forward to building on the legacy started by Harold Smith in 1955. HLS has created such a strong brand with both the commercial and military vehicle industries and while Russell may be retiring, the company name will continue.
“We look forward to expanding our services in new markets and adding HLS to the ATC family.”
