Conroe, TX-based Shumate Machine Works Corp., a subsidiary of Shumate Industries Inc., has been acquired by American International Industries, Inc., Kemah, TX, for $6.4 million in cash. The company will operate as a wholly-owned AMIN subsidiary, Shumate Energy Technologies, Inc.
SET manufactures highly specialized equipment for energy industry customers and had about $8 million in revenues for 2007. Larry Shumate, president and CEO of Shumate Industries, Inc., has been appointed president of SET.
AMIN expects the additional revenues generated by the acquisition will qualify the Company’s shares to be listed on the major Nasdaq exchange.
American International Industries, Inc. is a diversified holding company, with holdings in Industry, Finance, and …
Shumate Machine Works Acquired
Conroe, TX-based Shumate Machine Works Corp., a subsidiary of Shumate Industries Inc., has been acquired by American International Industries, Inc., Kemah, TX, for $6.4 million in cash. The company will operate as a wholly-owned AMIN subsidiary, Shumate Energy Technologies, Inc.
SET manufactures highly specialized equipment for energy industry customers and had about $8 million in revenues for 2007. Larry Shumate, president and CEO of Shumate Industries, Inc., has been appointed president of SET.
AMIN expects the additional revenues generated by the acquisition will qualify the Company’s shares to be listed on the major Nasdaq exchange.
American International Industries, Inc. is a diversified holding company, with holdings in Industry, Finance, and …
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- Filed In: Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors
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