Old Dominion Brush Co. Inc., a 106-year-old local firm that makes street sweeper and leaf vacuum equipment, has agreed to be acquired by a Texas-based company but will retain its managers.
The company, which employs more than 100 people and has facilities on Glen Alden Drive in eastern Henrico County and in Kansas City, Mo., announced Wednesday it will sell substantially all of its assets to Alamo Group Inc., a publicly traded equipment company based in Seguin, Texas.
Alamo Group said the total consideration for the purchase is about $20 million, subject to certain adjustments. The deal is expected to close within 30 days.
