IES Holdings (IESC) has completed its acquisition of Arrow Engine, a provider of natural gas-powered engines, from TriMas (TRS), the companies said in separate statements Friday.
The companies said Arrow, which is estimated to have full-year 2024 revenue of $20 million, will retain its name and join IES' Infrastructure Solutions segment.
TriMas said in its statement it is exiting its direct presence in the oil and gas market sector with the sale of Arrow Engine.
IESC and TRS shares were up 3.1% and 0.5%, respectively in recent premarket activity.
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