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Tennant's IPC Group Buyout to Strengthen Foothold in EMEA
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Machinery manufacturer Tennant Company (TNC - Free Report) recently announced that it successfully completed the acquisition of Italy-based IP Cleaning S.p.A. and its subsidiaries (IPC Group) from Ambienta, a private equity fund. The buyout price was approximately $353 million.
Over the last three months, shares of Tennant Company yielded a 0.78% return, underperforming the gain of 6.67% recorded by the Zacks categorized Machinery General Industrial industry. However, we believe that expansionary initiatives, for instance the aforementioned acquisition, bode well for the company.
As revealed, IP Cleaning and its subsidiaries specialize in designing and manufacturing professional cleaning equipment, tools and other solutions. The company’s product line includes floor sweepers and scrubbers, vacuum cleaners, high-pressure washers, multi-purpose cleaning trolleys, window-washing systems, antibacterial microfiber mops and cloths, and a wide array of consumables.
IP Cleaning’s key brands include IPC, IPC Foma, IPC Eagle, IPC Gansow, ICA, Vaclensa, Portotecnica, Sirio and Soteco, Ready System, Euromop, and Pulex.
Tennant Company expects that IP Cleaning’s product line will complement and double its geographical presence in Europe, the Middle East and Africa (EMEA). Earnings benefit is predicted in 2018.
Zacks Rank & Stocks to Consider
With a market capitalization of nearly $1.3 billion, Tennant Company currently carries a Zacks Rank #4 (Sell). Over the last 60 days, the Zacks Consensus Estimate for the stock decreased 5.1% to $2.63 for 2017.
Some better-ranked stocks in the machinery industry include Roper Technologies, Inc. (ROP - Free Report) , Altra Industrial Motion Corporation and Broadwind Energy, Inc. (BWEN - Free Report) . While Roper Technologies sports a Zacks Rank #1 (Strong Buy), both Altra Industrial Motion and Broadwind Energy carry a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank stocks here.
Roper Technologies’ financial performance was impressive, with an average positive earnings surprise of 0.92% for the last four quarters. Also, earnings estimates for 2017 and 2018 were revised upward over the last 60 days.
Altra Industrial Motion reported better-than-expected results in the last four quarters, with an average positive earnings surprise of 12.49%. Also, its earnings estimates for 2017 and 2018 improved in the last 60 days.
Broadwind Energy’s earnings estimates for 2017 improved over the last 60 days.
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Tennant's IPC Group Buyout to Strengthen Foothold in EMEA
Machinery manufacturer Tennant Company (TNC - Free Report) recently announced that it successfully completed the acquisition of Italy-based IP Cleaning S.p.A. and its subsidiaries (IPC Group) from Ambienta, a private equity fund. The buyout price was approximately $353 million.
Over the last three months, shares of Tennant Company yielded a 0.78% return, underperforming the gain of 6.67% recorded by the Zacks categorized Machinery General Industrial industry. However, we believe that expansionary initiatives, for instance the aforementioned acquisition, bode well for the company.
As revealed, IP Cleaning and its subsidiaries specialize in designing and manufacturing professional cleaning equipment, tools and other solutions. The company’s product line includes floor sweepers and scrubbers, vacuum cleaners, high-pressure washers, multi-purpose cleaning trolleys, window-washing systems, antibacterial microfiber mops and cloths, and a wide array of consumables.
IP Cleaning’s key brands include IPC, IPC Foma, IPC Eagle, IPC Gansow, ICA, Vaclensa, Portotecnica, Sirio and Soteco, Ready System, Euromop, and Pulex.
Tennant Company expects that IP Cleaning’s product line will complement and double its geographical presence in Europe, the Middle East and Africa (EMEA). Earnings benefit is predicted in 2018.
Zacks Rank & Stocks to Consider
With a market capitalization of nearly $1.3 billion, Tennant Company currently carries a Zacks Rank #4 (Sell). Over the last 60 days, the Zacks Consensus Estimate for the stock decreased 5.1% to $2.63 for 2017.
Tennant Company Price and Consensus
Tennant Company Price and Consensus | Tennant Company Quote
Some better-ranked stocks in the machinery industry include Roper Technologies, Inc. (ROP - Free Report) , Altra Industrial Motion Corporation and Broadwind Energy, Inc. (BWEN - Free Report) . While Roper Technologies sports a Zacks Rank #1 (Strong Buy), both Altra Industrial Motion and Broadwind Energy carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Roper Technologies’ financial performance was impressive, with an average positive earnings surprise of 0.92% for the last four quarters. Also, earnings estimates for 2017 and 2018 were revised upward over the last 60 days.
Altra Industrial Motion reported better-than-expected results in the last four quarters, with an average positive earnings surprise of 12.49%. Also, its earnings estimates for 2017 and 2018 improved in the last 60 days.
Broadwind Energy’s earnings estimates for 2017 improved over the last 60 days.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>