Tempo Industries Purchases Timenet USA
Terms Of The Deal Were Not Disclosed
Westbury, NY-based Tempo Industries (asi/90859) announced today that it has acquired the assets of California-based Timenet USA (asi/92336). Terms of the deal were not disclosed. "We are thrilled to be able to add Timenet's line of high quality metal writing instruments, keychains and gift items to Tempo's already impressive line of USB flash drives, tools and other products," said Stuart Braunstein, president of Tempo. "This addition enables us to offer a more comprehensive line of products and decorating options to our customers and be a major supplier in these new product categories instantly."
Timenet's California facility will close this summer and all operations will be moved to Tempo's New York facility, the companies announced. Steven Lin, CEO of Timenet, as well as key members of the Timenet team, will be working together with Tempo to help with the transition. During the integration process, it will be business as usual at both facilities, according to Braunstein.
Following the move, Tempo plans to offer faster production times, including 24-hour service and expedited shipping equalization rates to accommodate its West coast customer base. The deal with Timenet is Tempo's second acquisition in the past three years. Tempo also purchased Jayline (asi/63253) in 2009.