Tennant Company business deal worth USD$68 million opened new vistas for Tennant Company as it acquired Applied Sweepers, a reputed company in manufacturing devices for cleaning cities. The acquiring company intends to tap the potentialities of the target company for making a mark in the global markets and improve the manner in which the company has been functioning, for optimum results.
On 15th February 2008 it was declared by Tennant Company that a Tennant Company business deal amounting to USD$68 million had acquired Applied Sweepers, involved in the manufacturing of cleaning equipments.
Objectives of Tennant Company Business deal:
Applied Sweepers is known as a “highly regarded” organization offering services to the people.only does Applied Sweepers manufacture quality products but it is also known for its innovative capabilities.
Tennant Company wanted to work upon this potentiality of Applied Sweepers for making its (Tennant Company’s) presence felt in the global markets, develop innovative products and enhancing efficiencies in operations.
Company profile of the target firm-Applied Sweepers:
The company, which was set up in the year 1965 specializes in designing, manufacturing, selling and providing after selling services to the clients.
The other functional areas of the company include the cleaning of sidewalks, areas downtown and cleaning those areas, with the help of small cleaning machines, which are not within the reach of the bigger machines. “Green Machines” is the brand name under which the products of the company are manufactured. The company has many operating office in places like Germany, United States of America, United Kingdom and France. The company’s revenues for the year 2007 stood at USD$40 million. There are usually three categories of products for cleaning cities, which are sold by Applied Sweepers. They are:
Alleyways and streets
For sweeping pavements
Company profile of the Acquiring company-Tennant Company:
The Tennant Company or TC is situated in Minneapolis. The company designs, manufactures and sells solutions pertaining to environmental clean up. The company has varied products to perform such functions. These may include:
Equipments, which maintain the surfaces in commercial and industrial areas.
Repairing concrete floors
Upgrading concrete floors
The functional area of this company is vast and there are offices in China, Netherlands, and United Kingdom to name a few.