Tutco Buys Heating Element Line from Fast Heat
March 1, 2008
Tutco Inc., Cookeville, Tenn., acquired the assets of the Heating Element Division of Fast Heat Inc., Elmhurst, Ill., as that company diversifies into RFID technology. The product line includes a range of specialty heating elements for industrial, HVAC and medical applications.
According to the two companies, Tutco will continue to supply heating elements to all Fast Heat customers and is licensed to use the Fast Heat brand name for these products in North America for a period of two years.
Fast Heat business units in the United Kingdom, France and Singapore will continue to supply the heating element product line throughout Europe and Asia. Also unaffected by the sale are the company’s worldwide hot runner system and temperature controller businesses.
Commenting on the acquisition, Pat McCaffrey, president of Tutco said, “This acquisition expands our core technology beyond open-coil heating, introduces Tutco to new markets, and brings a talented and motivated team into our group. We are excited about the new opportunities Fast Heat brings to Tutco.”
According to Fast Heat CEO Tim Stojka, while heating elements continued to be a good business, the company is moving more aggressively into technology-based product lines such as RFID. “The divesture of our heating element product line in North America will give us the capital and management time to focus on these new opportunities.”
According to Stojka, Fast Heat is focused on RFID e-pedigree systems that will help pharmaceutical manufacturers and food processors monitor conditions in the supply and distribution chain, maximizing the shelf life and consumer value of their products.