Worcester's SNI Acquired By Conn. Firm
Service Network Inc., a Worcester-based manufacturer of precision grinding machines, has been acquired by jet engine component maker Edac Technologies Corp. of Farmington, Conn.
In a statement, Dominick A. Pagano, president and CEO of Edac, said the acquisition brings new technology into the company as part of a long-term strategy to expand its product line.
Edac makes tools, fixtures, composite molds and spindles. The SNI acquisition allows Edac to expand its spindle product line.
Financial terms of the acquisition were not disclosed. Edac said it funded the purchase with credit from TD Bank.
Neither Ed nor Jim Camp, SNI's president and vice president, respectively, were available for comment this morning.
SNI has been in business since 1984 and is located on Stafford Street in Worcester.
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