Hexagon has entered into an agreement to increase ownership in Jingjiang Measuring Tool Company (JMTC) to 90 per cent by acquiring an additional 60 per cent of the shares of the company.
JMTC develops, manufactures and supplies a complete range of digital and mechanical calipers.
JMTC had a turnover of over £5.8 million in 2006 and has shown an annual growth of about 20 per cent in recent years. The company is based in Jingjiang, China, and employs 500 people.
"The acquisition of JMTC is an important step in our strategy to grow Hexagon's position in the mid and low range hand tool market. The acquisition will complement the product offering of Hexagon owned TESA (see Machinery July 2007, page 30), a world leader in the premium measuring tool segment manufacturing most of its products in Switzerland", said Ola Rollén, CEO and president of Hexagon AB.
"Thanks to significant investments in equipment and infrastructure as well as in process management, JMTC has, with its excellent quality reputation, become a leading player both in the Chinese market as well as in the export markets," Mr Rollén added.
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