Hurco acquires two machine tool companies

July 15, 2015- Hurco acquired Milltronics Manufacturing in the U.S. and Takumi Machinery in Taiwan.

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 in Minnesota.

Takumi Machinery is a Taiwanese company founded in 1988 that 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.

Gregory Volovic, President of Hurco, said, "We believe these strategic acquisitions will significantly benefit global customers and Hurco. The Milltronics and Takumi machine tool brands are strong global brands for expansive machine tool product lines. 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. 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."

"Takumi and Milltronics machine tool products and end user markets are highly complementary to Hurco machine 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 Hurco and Milltronics machine tools, Takumi machines are equipped with industrial controls from Fanuc, Siemens, Mitsubishi or Heidenhain for high-volume manufacturing environments. The combined Hurco, Milltronics and Takumi businesses will represent one of the most comprehensive product portfolios in the machine tool industry, with more than 150 different models. We believe that these two acquisitions should be accretive to Hurco's consolidated earnings in its 2016 fiscal year."
 

About Hurco
Hurco Companies, Inc. is an industrial technology company that designs and produces interactive computer controls, software and computerized
machine tools and machine tool components for the worldwide metal cutting and metal forming industry. The end market for the Company's
products consists primarily of independent job shops and short-run manufacturing operations within large corporations in industries such
as aerospace, defense, medical equipment, energy, transportation and computer equipment. The Company is based in Indianapolis, Indiana, with
manufacturing operations in Taiwan, Italy, and China, and sells its products through direct and indirect sales forces throughout North
America, Europe, and Asia. The Company has sales, application engineering support and service subsidiaries in China, England, France,
Germany, India, Italy, Poland, Singapore, South Africa and the United States of America.
 

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