TC-based Cone Drive Operations has purchased Chinese manufacturer Jiangyin Huafang New Energy Hi-Tech Equipment Co. (H-Fang).

H-Fang is a leading manufacturer of slewing drives, slewing bearings and related components which are applied in a wide range of motion control and industrial markets – including solar tracking systems, construction vehicles, mobile cranes, aerial lifts and port machinery. The company is based in Jiangyin, China (about 90 mile northwest of Shanghai).

Cone Drive CEO Kurt Gamelin says the addition of H-Fang furthers Cone Drive's globalization strategy. "Having operational excellence in both North America and China allows us to support and expand our customer base in both regions," Gamelin says.

The acquisition was financed by Citizens Commercial Banking, the commercial banking division of Citizens Financial Group. The $65 million credit package will also be used to refinance existing debt.

The combined company will have more than 400 employees and annual sales of $90 million.