A large Ohio-based company has agreed to buy Chattanooga automated systems and tooling manufacturer Tennessee Rand Inc.
The buyer, Lincoln Electric Holdings Inc. of Cleveland, Ohio, has 46 manufacturing locations, including operations and joint ventures in 20 countries.
Tennessee Rand, with headquarters and manufacturing operations in Chattanooga, has annual sales of about $35 million, according to a news release. Terms of the deal were not disclosed.
Rand designs and makes robotic systems for welding applications. The company serves a wide base of automotive and metal fabrication customers.
"Tennessee Rand strengthens our already strong position as a market leader in welding automation in North America," said Christopher L. Mapes, Lincoln's chief executive, in a statement. "Tennessee Rand brings extensive tool design, system building, and machining capabilities that will enable Lincoln to further expand its welding automation business."
Don Peters, president of Tennessee Rand, said Lincoln's market strength and worldwide reach enable his business to expand and support customers with global deployment strategies.