Paragon spins off Ermanco unit

Paragon Technologies has reached an agreement to sell its conveyor and sortation subsidiary, Ermanco, to TGW Transportgerate GmbH of Wels, Austria, for $23 million. Paragon had bought Spring Lake, Mich.-based Ermanco back in 1999 when Paragon was known as SI Handling Systems. Since that acquisition the company has grown steadily, increasing its workforce from 160 to the current 250 employees. The sale of Ermanco will allow Paragon to focus on its core business of engineering and designing material handling systems. The purchase is subject to the customary closing conditions and approval by Paragon's stockholders.