Tyman PLC, parent company of door and window component manufacturer AmesburyTruth, entered into a definitive agreement to acquire the 90-year-old Bilco Company for $71 million. Terms of the agreement will be effective July 1, 2016.

According to a release from AmesburyTruth, the acquisition will enable the company to “broaden its commercial product portfolio and further penetrate the commercial market segment.” Bilco is a supplier of specialty access products for the commercial and residential markets.

Bilco will continue to manufacture commercial and residential access products from its existing facilities. The company has a presence in the U.S., Canada and the U.K.

“Bilco is a very good fit for our business,” says AmesburyTruth president and CEO Jeff Graby. “The products play a critical role in providing solutions for building openings in both the commercial and residential segments enabling AmesburyTruth to play a greater role in providing a total solutions package.”

“We see this acquisition as an opportunity to evolve our product portfolio,” adds Bilco president Tom Crowley. “Customers can expect to receive the same great quality, value, and service. Additionally, our company will have access to best in class business practices designed to streamline our business processes while delivering enhanced value to our customers.”