ESCANABA — Engineered Machined Products announced Tuesday it has entered into an agreement to be purchased by Concentric AB, a Swedish-based company headquartered in the United Kingdom. The transaction is expected to be finalized Oct. 29.

Concentric designs, develops, manufactures, and sells products for hydraulic and engine applications, and has a global manufacturing presence with factories in Sweden, Germany, the UK, Argentine, India, China, and the United States.

“By aligning with Concentric, we gain additional scale, resources and access to a successful global organization that is committed to innovation and growth,” said Brandon Larche, president and COO of EMP. “While EMP has a long history of serving major OEMs in the North American market, a global footprint with strong relationships with major international customers will quickly serve to drive our growth in Europe and Asia.”

Under the terms of the deal, EMP will be acquired for 1,260 million Swedish kronor (roughly $147 million USD) in a cash transaction.

According to Larche, no changes are expected to any of EMP’s day-to-day operations. EMP will continue to operate from its existing sites in Escanaba and Greenfield, Ind., and employees will continue in their current roles with no disruption to operations.

“It’s business as usual for EMP — our EMP identity, culture, and focus remains the same,” said Larche.

Larche went on to say the acquisition should benefit its more than 400 employees overall.

“Our expectation is to create additional security in jobs and opportunities for employees both in Escanaba and Greenfield. Strategically, a combined EMP and Concentric is stronger together, particularly in the communities where we operate, and I look forward to continuing to lead the EMP team within the combined organization,” said Larche.

Concentric has described the acquisition as “a transformational event” and anticipates the strengthening of its capabilities in electrical products, including electrical fans and e-oil and e-water pumps will increase revenues by more than 50 percent on an annual basis.

“EMP has been family owned for 30 years, and it is with great mutual respect that we now embark on this exciting journey together. I’m impressed by the employees and leadership at EMP and I know we have a close cultural fit that will be critical to our future success,” said David Woolley, CEO of Concentric in a press release.

Unlike EMP, which is privately held, Concentric is a publicly traded company on the Nasdaq Stockholm exchange. Americans can purchase shares on the Pink Open Market, also known as “OTC Pink” or “pink sheets,” under the ticker CCNTF.

Due to the nature of OTC Markets, the impact of the announcement for American shareholders was difficult to gauge Tuesday. However, share prices on the Nasdaq Stockholm rose more than 17 percent prior to market close Tuesday.