Tennant deal taps Chinese market

Article Excerpt

TENNANT CO. $61 (New York symbol TNC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 18.1 million; Market cap: $1.1 billion; Price-to-sales ratio: 1.0; Dividend yield: 1.5%; TSINetwork Rating: Average; www.tennantco.com) makes industrial floor and street-cleaning equipment, including scrubbers, sweepers and polishers. Tennant recently agreed to buy Gaomei Cleaning Equipment Co. Based in China, Gaomei makes a wide range of vacuum cleaners, high-pressure washers, sweepers and floor scrubbers. The purchase should give Tennant greater access to Chinese business clients. The company has yet to reveal the purchase price, but expects to complete the acquisition in the first quarter of 2019. Tennant is still a hold. hold…