M&M Manufacturing, a producer of sheet metal products for the air distribution and ventilation market based in Fort Worth, has been acquired by MiTek Industries Inc., a subsidiary of Warren Buffett’s Berkshire Hathaway Inc., the company said Feb. 24.
Terms of the transaction were not disclosed.
Founded by the Stepp family in 1958, M&M is today one of the largest HVAC ductwork and product manufacturers in the United States, with six manufacturing facilities producing more than 9,000 different products for the residential and commercial construction industries. The company employs nearly 800 team members.
Missouri-based MiTek is a diversified, global business supplying a range of engineered products, proprietary design software and automated equipment sold into the broad construction and industrial end markets. MiTek became a Berkshire Hathaway company in 2001 and has operations in more than 40 countries on six continents.
“The M&M Manufacturing name stands for quality, service and reliability throughout the Southwest,” said Tom Manenti, chairman and CEO of MiTek. “They earn their customers’ business every day based on their integrity and a commitment to excellence – two things we value highly.”
Rob Felton, CEO of M&M Manufacturing, and his leadership team will continue after the acquisition.
“MiTek’s vision, values, and focus on people are a perfect fit for M&M. With the strength and support of MiTek and Berkshire behind us, we plan to continue to grow the business through a series of strategic initiatives and capital investments,” Felton said in a statement.
Betty Dillard
bdillard@bizpress.net