Feintool subsidiary BalTec acquires a sales company in Switzerland

The BalTec Group, headquartered in Pfäffikon near Zurich, has acquired Limatec Automation AG with retroactive effect as of 1 April 2000. Up to now, the latter company, based in Grenchen (canton of Solothurn) has operated as independent sales and service company. With annual sales of around CHF 6 Mil. and a staff of 10, Limatec is expected to put customers directly in touch with the Feintool Group''s Assembly/Automation operations in Switzerland. The purchase price is subject to a secrecy agreement.

For over ten years, BalTec has successfully operated its own sales and service companies in Britain and the USA. In 1999, a branch was established in Germany. The acquisition of Limatec Automation AG, which was founded in 1986 and until now has acted as a competent representative for BalTec radial riveting machines, indicates that the key Swiss market will now also be serviced directly. In addition to the existing product range, Limatec will handle the distribution in Switzerland of the automation and assembly components supplied by the German subsidiary mhk. The acquisition of Limatec addresses a management succession issue, although company founder Rudolf Zuber will continue to manage the operation.

In the current financial year, Feintool''s Assembly/Automation division (comprising the BalTec and IMA Automation operations) will contribute about CHF 70 Mil. to the Group''s planned sales of approximately CHF 390-410 Mil.