THE US engineering group, Applied Power, has completed the acquisition of Cork firm, Hormann Security Systems, for $10 million (£6.7 million). Confirmation of the deal came over the weekend from the Milwaukee headquarters of Applied Power.

Hormann has sales of £20 million and assembles electronics equipment for multinational customers, and is understood to have made profits of around £750,000 last year. It employs 170 people. According to Applied Power, the Cork company will be integrated into its technical environments and enclosures division.