Chesapeake, VA - Sumitomo Machinery Corporation of America (SMA) announced that the company has entered into a definitive merger agreement with Hansen Industrial Transmissions Inc. (HNA), a leading provider of large size industrial gear drives, effective August 5, 2013.
This merger further strengthens Sumitomo's position in the power transmission market by combining the vast experience of employees with the comprehensive product portfolios of both companies.
Ronald J. Smith, President and Chief Executive Officer of SMA, will continue to lead the management team to complete the integration of the companies in 2013, while ensuring that our customers continue to receive the high quality products and services they have come to expect from both SMA and HNA. Mr. Smith said, "This merger has to benefit all of our stakeholders, customers, employees, and shareholders. We must not lose sight of the fact that our customers are the most important stakeholder. If we fail to deliver the benefits of our merger to them, success will not be realized."
The merged companies will operate as Sumitomo Machinery Corporation of America (SMA) and the HNA facility located in Verona, Virginia will continue operations as a regional assembly and service center, joining the expansive network of SMA regional facilities located throughout North and South America.