INDIANAPOLIS — Hurco Companies, Inc., a developer and manufacturer of machine tools with integrated control technologies for the worldwide metal cutting market, announced Wednesday that, through a wholly-owned subsidiary, it acquired substantially all of the assets of Waconia, MN-based Milltronics Manufacturing Company, Inc. Milltronics designs and manufactures CNC knee mills, toolroom bed mills, vertical machining centers, combination lathes, slant-bed lathes, horizontal machining centers, and bed mills.
In addition, Hurco announced Wednesday that its subsidiary, Hurco Manufacturing Limited, entered into an agreement to acquire the business, technology, goodwill and operating assets of Takumi Machinery Co. Ltd., a Taiwanese company founded in 1988.
Takumi designs and manufactures CNC vertical machining centers, double column machining centers, high speed bridge machines and other machine tools, with sales primarily in Taiwan, China and Europe. Subject to approval of the acquisition by the shareholders of Takumi at a meeting to be held before the end of July 2015, and to customary closing conditions, Hurco expects the closing of the acquisition to occur by the end of July 2015.
"The Milltronics and Takumi machine tool brands are strong global brands for expansive machine tool product lines," said Gregory Volovic, President of Hurco. Milltronics and Takumi have a combined customer base exceeding 18,000 installed machines throughout 30 countries. Hurco plans to continue to market the Hurco, Milltronics and Takumi branded machine tool products separately, given the distinguishing, unique values of each product line and brand. The Hurco, 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.
Volvoic continued, "We believe these acquisitions will assist in our efforts to expand our global platform, particularly in strategic markets such as China and Latin America, and to achieve manufacturing cost reductions from economies of scale and manufacturing efficiencies."
