Machine Tool Maker Fadal Acquired
<i> Times Wire Reports</i>
FOND DU LAC, Wis. —
Giddings & Lewis Inc. has acquired Chatsworth-based Fadal Engineering Co., a leading maker of equipment that makes machine parts, for $180 million.
Fadal produces about 54% of all U.S.-made vertical machining centers, which make machine parts, and about 33% of those sold. It has been especially successful in the small vertical machining center market, which Giddings does not currently serve. Fadal, which employs 320 people, has seen its revenue increase at the average annual rate of 27% from 1991 to 1994, when it totaled $138 million.
Giddings & Lewis is one of the world’s largest suppliers of machine tools. Chairman Joseph R. Coppola said the deal will help the company expand product lines and penetrate worldwide markets.
