Apache Inc. Completes Acquisition of AG Belt
Cedar Rapids, Iowa - April 1, 2010
Apache Hose & Belting, Inc. continued its expansion in the agricultural belting market with the purchase of a Des Moines company.
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, 2010. Ag Belt, formerly Capital City Belting, has operated as a fabricator of baler belt since 1973 providing superior-quality products along with one of the premier customer service models in the baler belt industry.
Tom Pientok, Apache President and CEO said of the acquisition, ''It's 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, well-known for his 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 3 years.
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