Thrusday, January 07, 1999
Milacron buys German drill manufacturer
BY MIKE BOYER
The Cincinnati Enquirer
In a move to expand its growing round tool business, Milacron Inc. Wednesday announced the acquisition of a leading German-based drill manufacturer.
Milacron declined to disclose terms of its all-cash purchase of Werkzeugfabrik GmbH Konigsee (Werko), the third-largest maker of high-speed drills in Europe. Located in eastern Germany, Werko operates two plants, employing 300 and has annual sales of $25 million. Milacron said the acquisition wouldn't have a material effect on sales and earnings this year.
Werko has two subsidiaries: V+S Werkzeuge GmbH, a tool distributor also in Konigsee, and PWA Prazisionswerkzeuge GmbH, a manufacturer of taps in Altenburg, Germany.
Alan L. Shaffer, Milacron group vice president for industrial products, said the acquisition would expand Milacron's line of all-metric drills.
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