Supplier firm Tempo Industries (asi/90859) announced yesterday that it has acquired the assets of APN Corporation (asi/30212), the makers of the Ribbon Badge Line. While financial terms of the transaction were not released, the companies said that APN’s New Hyde Park, NY, factory will close as a result of the deal and all of its operations and equipment will be moved to Tempo’s Westbury, NY, facility.
"We are thrilled to be able to add APN’s well established line of ribbons, sashes and related products to Tempo's line of USB flash drives, pens, tools and other products," said Stuart Braunstein, president of Tempo Industries. "This addition enables us to immediately be a major supplier in the ribbon category, to offer a new product line to our existing customer base, and to offer Tempo’s product line to APN’s customer base. The two companies’ shared vision of excellent product quality and award-winning customer service made this a natural fit.”
Mel Kusher and Neil Stark, the owners of APN, as well as key members of their team, will be working with Tempo during a period of transition for the companies. Braunstein also said that some of APN’s key staffers will join Tempo, while other employees will remain on as consultants.
For Tempo Industries, this is the company’s third acquisition within the past five years. It purchased Jayline in 2009 and Timenet in 2012.