JARP Industries, Schofield, has entered into an agreement to sell the company to a subsidiary of Industries Mailhot, a Canadian company based in Quebec and a manufacturer of single-state and telescopic hydraulic cylinders.
The transaction is expected to close at the end of this month following the satisfaction of customary regulatory approvals and other closing conditions.
JARP is a manufacturer of custom hydraulic cylinders and other fluid power products for customers in a variety of industries, including the construction, forestry, oil and gas, marine, and mining sectors.
It was founded in 1949 by members of the family of John Kraft, who was an owner and leader of the company for 46 years. It employs approximately 210 people at its facilities in Schofield and Wausau.
As a result of the transaction, the Kraft family will divest their ownership in JARP.
“Our family believes that the time has come to entrust JARP to new ownership to ensure its continued stability and success,” said Bonnie Kraft, who chairs the company’s board of directors.
Sonny Tara, the president and chief Executive Officer of JARP, will continue to lead the company following the closing.
Tara said that following the closing, JARP will operate as a separately incorporated subsidiary of Mailhot, but that the combined companies will constitute one of the leading hydraulic cylinder manufacturers in North America, with facilities located in the United States, Canada, and Mexico.