Hurco Companies, Inc.\u00a0(Nasdaq:HURC), a leader in the development and manufacture of machine tools with integrated control technologies for the worldwide metal cutting market, announced recently\u00a0that, through a wholly-owned subsidiary, it acquired substantially all of the assets of U.S.-based\u00a0Milltronics Manufacturing Company, Inc.\u00a0d\/b\/a Milltronics CNC Machines (Milltronics). Founded in 1973, Milltronics designs and manufactures CNC knee mills, toolroom bed mills, vertical machining centers, combination lathes, slant-bed lathes, horizontal machining centers, and bed mills.
\nIn addition,\u00a0Hurco\u00a0announced recently\u00a0that its subsidiary\u00a0Hurco Manufacturing Limited\u00a0(Hurco Ltd.) entered into an agreement to acquire the business, technology, goodwill and operating assets of\u00a0Takumi Machinery Co., Ltd., a Taiwanese company founded in 1988 (Takumi).\u00a0Takumi designs and manufactures CNC vertical machining centers, double column machining centers, high speed bridge machines and other machine tools, with sales primarily in\u00a0Taiwan,\u00a0China\u00a0and Europe.\u00a0Subject to approval of the acquisition by the shareholders of Takumi at a meeting to be held before the end of\u00a0July 2015, and to customary closing conditions,\u00a0Hurco\u00a0expects the closing of the acquisition to occur by the end of July 2015.\u00a0Liberty Diversified International, Inc. (LDI) is the sole shareholder of Milltronics and the owner of approximately 98% of the outstanding shares of Takumi. LDI has agreed to cause the required Takumi shareholder approval to be obtained.
\nMr.\u00a0Gregory Volovic, President of\u00a0Hurco, said:
\n“We believe these strategic acquisitions will significantly benefit global customers and\u00a0Hurco. The Milltronics and Takumi machine tool brands are strong global brands for expansive machine tool product lines.\u00a0Milltronics and Takumi have a combined customer base exceeding 18,000 installed machines throughout 30 countries.\u00a0Hurco plans to continue to market the\u00a0Hurco, Milltronics and Takumi branded machine tool products separately, given the distinguishing, unique values of each product line and brand. The\u00a0Hurco, Milltronics and Takumi machine tool product lines should benefit from development of product enhancements, technologies and models due to the ability to leverage shared resources and cross-utilization of proven engineering designs. \u00a0We believe these acquisitions will assist in our efforts to expand our global platform, particularly in strategic markets such as\u00a0China\u00a0and\u00a0Latin America, and to achieve manufacturing cost reductions from economies of scale and manufacturing efficiencies.”
\nMr. Volovic continued:
\n“Takumi and Milltronics machine tool products and end user markets are highly complementary to\u00a0Hurco\u00a0machine tool products and end user markets, in that approximately 60% of Milltronics and Takumi’s machine tool lines are unique, will expand our consolidated product range and customer base, and will accelerate emerging market penetration. For example, unlike\u00a0Hurco\u00a0and Milltronics machine tools, Takumi machines are equipped with industrial controls from\u00a0Fanuc,\u00a0Siemens,\u00a0Mitsubishi\u00a0or Heidenhain for high-volume manufacturing environments. The combined\u00a0Hurco, Milltronics and Takumi businesses will represent one of the most comprehensive product portfolios in the machine tool industry, with more than 150 different models.\u00a0We believe that these two acquisitions should be accretive to\u00a0Hurco’s\u00a0consolidated earnings in its 2016 fiscal year.”
\nMichael Doar, Chairman of the Board and CEO of\u00a0Hurco Companies, Inc., stated:
\n“Since\u00a0Hurco\u00a0was founded in 1968, the cornerstone of the company has been its culture of innovation that focuses on consistent and continuous research and development.\u00a0We are confident this culture will transfer to Milltronics and Takumi as they are both companies comprised of people who share our passion to advance the manufacturing industry through innovation.\u00a0We look forward to working with Milltronics and Takumi employees and customers and sharing the success of our efforts with our shareholders.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Hurco Companies, Inc.\u00a0(Nasdaq:HURC), a leader in the development and manufacture of machine tools with integrated control technologies for the worldwide metal cutting market, announced recently\u00a0that, through a wholly-owned subsidiary, it acquired substantially all of the assets of U.S.-based\u00a0Milltronics Manufacturing Company, Inc.\u00a0d\/b\/a Milltronics CNC Machines (Milltronics). Founded in 1973, Milltronics designs and manufactures CNC knee mills,<\/p>\n