IE Business Daily Business news for the Inland Empire.
Thermal Dynamics International, an Ontario-based supplier of heat exchangers for the automotive and trucking industries, has been purchased by a company in China.
Zhejiang Yinlun Machinery Co. bought Thermal Dynamics, which maintains its headquarters and a manufacturing operation at 4850 E. Airport Drive, for an undisclosed sum, according to a statement released last week.
The seller was Evergreen Pacific Partners, a Seattle company that manages equity funds. Cost of the transaction was not disclosed.
Dean Arneson, Thermal Dynamics’ president and chief executive officer, will remain in a similar position once the acquisition is complete, according to the statement.
Thermal Dynamics International has three joint-venture partnerships in China as well as facilities in Michigan and North Carolina. The company employs about 100 people and its clients include Ford Motor Co., Daimler Truck North America, Harley Davidson and Allison Transmission.
Thermal Dynamics posted nearly $50 million in sales last year, according to the statement.
