One of the companies acquired was US-based Milltronics Manufacturing Company Incorporated, a company that designs and manufactures CNC knee mills, toolroom bed mills, vertical and horizontal machining centres, and combination and slant-bed lathes.

The second acquisition was of Taiwanese company Takumi Machinery Company Limited through the Hurco’s subsidiary, Hurco Manufacturing Limited. The Taiwanese company designs and manufacturers CNC vertical machining centres, double column machining centres, high speed bridge machines and other tools.

On the acquisitions, president of Hurco Gregoy Volovic commented: “We believe these strategic acquisitions will significantly benefit global customers and Hurco. The Milltronics and Takumi machine tools brands are strong global brands for expansive machine tool product lines.”

With a combined customer base of more than 18,000 installed machines across 30 countries, Hurco plans to continue to market the acquired brands separately given the distinguishing, unique values of each product line and brand.

The acquisitions will also serve to expand the company’s global platform, particularly in strategic markets like China and Latin America, Mr Volovic said.

The machine tool products and end user markets of both companies are high complementary to that of Hurco, as an approximate 60 percent of their machine tool lines are unique and will expand the consolidated product range and customer base, as well as accelerate emerging market penetration.

In fact, the combined Hurco, Milltronics and Takumi businesses will represent one of the most comprehensive product portfolios in the machine tool industry, claimed Mr Volovic.

“We look forward to working with Milltronics and Takumi employees and customers and sharing the success of our efforts with our shareholders.”