BELOIT

Longtime Beloit manufacturer Fairbanks Morse has been sold to Arcline Investment Management, a private equity firm, according to a Thursday news release.

Arcline paid $450 million for the company, which has built engines for more than 120 years, according to the release.

Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard with all manufacturing done in Beloit, according to the release.

“Our intent is to build upon and grow Fairbanks Morse’s 120-plus year reputation of dependability, reliability and innovation in serving its long-standing customers,” Arcline said in a statement.

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