Longtime Beloit manufacturer Fairbanks Morse is sold to Arcline Investment Management.
According to a news release, the private equity firm paid $450 million for the company, which has built engines for more than 120 years.
Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard with all manufacturing done in Beloit.
Arcline says in a statement, their intent is to build upon and grow Fairbanks Morse’s 120-plus year reputation of dependability, reliability and innovation in serving its long-standing customers.
