The Business Review: It’s more than just a new name that’s changing at a local industrial repair business.

The company that had been known as Troy Belting & Supply Co. changed its name Thursday to Troy Industrial Solutions (although it’s actually located in Watervliet).

The bigger change: Third-generation president and CEO Jason Smith said he expects to acquire a competitor in the Northeast by the end of this year.

“We are having active conversations with several companies,” Smith said. “We have the resources and we want to invest.”

Smith declined to comment further. He believes it’s the first acquisition in the company’s 150-year history.

Smith, 34, was promoted to president in January, completing a gradual succession into that role after his father died in 2003.

Troy Industrial Solutions has 67 employees, including three added this year when the company spent $400,000 to install machines for repairing hydraulic systems.

Adam Sichko

Oct. 10, 2012