Walter Meier buys US's Wilton
Walter Meier Holding of Zurich, which is active in equipment and tools, and air conditioners and heating systems, has acquired Wilton, a leading United States company in the field of metal processing.
WMH said in a communiqué on Monday that the acquisition had achieved two strategic objectives in its equipment and tool segment that would accelerate internal growth.
It said the machines and machine tools segments would be strengthened and access would be gained to a new sales channel.
Financial details of the transaction were not disclosed.
WMH aims to increase net sales of its equipment and tools segment in the US from SFr216 million ($125.36 million) today to SFr500 million in the year 2004.
WMH already has a strong presence in woodworking and metal processing machines in the US with the Jet group, which acquired Wilton on April 13, Wilton, which has its headquarters in Palatine, Illinois, has 270 employees and earns annual net sales of SFr120 million.
The company is active in three main areas: tools, machine tools and grinding materials.
WMH is listed on the Swiss stock exchange and in 2000 generated sales of SFr625 million.
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