Apache Hose and Belting acquires Ag Belt
Apache Hose and Belting Company Inc. announced the acquisition of Ag Belt of Des Moines, Iowa.
The Cedar Rapids-based manufacturer and distributor of fabricated belting products, conveyor belting and industrial and retail hose products acquired Ag Belt Inc. on March 31. Formerly Capital City Belting, Ag Belt has operated as a fabricator of baler belt since 1973, providing products in the baler belt industry.
Tom Pientok, Apache president and CEO, called the acquisition, "Very strategic. The addition of Ag Belt is highly complementary to our already strong agricultural hose and belt programs."
Pientok said Ag Belt will continue to operate from its existing facility in Des Moines and go to market under the Ag Belt brand name. Former president Jerry Horton, who has more than 35 years of experience in the baler belt industry, will remain under contract with the company.
The purchase is Apache's third strategic acquisition in less than three years. In addition to the Ag Belt purchase, Apache acquired Hose Central, a Pennsylvania-based competitor, in November 2007 and Ex-Cel Belting, St. Louis, in December 2008.
Apache Hose and Belting is an employee-owned company founded in 1963. It has 180 employees.
INDUSTRIAL SUPPLY MAGAZINE
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