Hurco acquires two companies in deals worth nearly $20M

July 16, 2015

Indianapolis-based manufacturer Hurco Cos. Inc. on Wednesday announced that it is acquiring two companies for about $19.8 million.

Hurco said it closed on the purchase of Waconia, Wisconsin-based milling machine maker Milltronics Manufacturing Co. Inc. on Tuesday for about $13.3 million.

On Wednesday, it entered into an agreement to acquire Taiwanese manufacturer Takumi Machinery Co. Ltd. for about $6.5 million. The deal is expected to close this month.

Hurco, an industrial technology company that designs and produces interactive computer controls, software and computerized machine tools, said the acquisitions will help it expand its product lines.

Milltronics, which does business as Milltronics CNC Machines, was founded in 1973 and designs and manufactures knee mills, toolroom bed mills, vertical machining centers, combination lathes, slant-bed lathes, horizontal machining centers and bed mills.

Takumi, founded in 1988, designs and manufactures vertical machining centers, double-column machining centers, high-speed bridge machines and other machine tools. Most of its sales are in Taiwan, China and Europe.

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

Hurco shares were up 1.7 percent Thursday morning, to $35.30 each, and are up 3.6 percent since the beginning of the year.

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