Transactions

The assets of the heating element division of Fast Heat Inc. have been acquired by Tutco Inc. A unit of Flex-Tek Group MERTZ ASSOCIATES acted as advisor to Fast Heat, Inc. in introducing the parties, evaluating offers, structuring the transaction and participating in negotiations.

• FAST HEAT INC., Elmhurt, Illinois, is a leading international supplier of custom-engineered systems and components for the precise transfer and control of heat. Fast Heat sold its U.S.-based heating element division to Tutco, Inc.
   
• TUTCO INC., Cookville, Tennessee, is a world leader in heating technology. It designs and manufactures heating components for a variety of commercial applications including: refrigeration; HVAC; lab equipment; and vending.
   
  Tutco will continue to supply heating elements to all Fast Heat customers and is licensed to use the Fast Heat brand name for these products in North America for a period of two years. Fast Heat business units in the United Kingdom, France, and Singapore will continue to supply the heating element product line throughout Europe and Asia. Unaffected by the sale are Fast Heat’s worldwide hot runner system and temperature controller businesses.
   
• FLEX-TEK GROUP, Abbeville, South Carolina, designs and manufactures engineered components which heat and move fluids and gases for aerospace, housing, domestic appliances and medical devices. It has manufacturing operations primarily in the U.S, but also in the U.K., France, Malaysia and Mexico.