Date: Aug 07, 2017 Author: May Ortega Source: bizjournals (
click here to go to the source)
Sierra Peaks closed a deal to purchase Mechtronic Solutions Inc. from Cornerstone Capital Holdings, based outside New Mexico, about two weeks ago, ending seven months of negotiations, President John Rockwell told Albuquerque Business First. The terms of the deal prevent him from disclosing how much the company went for, he said.
Mechtronic Solutions, located on Academy Parkway NE in Albuquerque, manufactures test systems for aerospace and defense companies.
Sierra Peaks, which manufactures textiles, soft goods, metal, wood and electro-mechanical systems, is New Mexico's eighth-largest manufacturer, according to Business First's latest Manufacturing Companies List. After the acquisition, it has 65 total employees, Sierra Peaks spokeswoman Enid Chase said.
Mechtronic Solutions, in its present form, was created following the merger of two other companies in 2011, according to Tim Brooks, director of business development for Sierra Peaks and former president of Mechtronic Solutions. He told Business First that the company has 20 employees, down from 70 less than five years ago.
"They've got talents that we don't have and when you mesh their talents with our talents, I think they'll be profitable and I think that we'll be able to grow, hopefully quite rapidly," Rockwell said.
He said Mechtronic's employees were nervous when they heard about the company's possible sale, adding that he has since addressed those concerns. He also said sustaining jobs in Albuquerque and keeping them here is one of his goals as a businessman.
In 2014, Sierra Peaks bought Maine-based Tibbetts Industries from its parent company, IntriCon Corp., for an undisclosed price. Tibbetts manufactures miniature microphones.
