Tuesday, November 6, 2012

Kuroda Precision Industries Ltd. acquires Jena Tec Group of Companies

The associated companies of Avingtrans Industrial Products Ltd comprising Jenaer Gewindetechnik GmbH, Jena Tec Inc and Jena Rotary Technology Ltd (hereafter referred to as Jena Tec) and Kuroda Precision Industries Ltd.(hereafter referred to as Kuroda) are pleased to jointly announce a change in Jena Tec’s ultimate holding company share ownership.Subject to final completion on 8th November 2012, Kuroda, a company registered in Kawasaki, Japan has acquired 100% of the shares of all Jena Tec companies from Avingtrans PLC. Jena Tec with manufacturing facilities in Germany, the UK and USA are a designer and manufacturer of high quality precision linear and rotary motion components supplying the machine tool, automation and medical industries principally throughout Europe and North America. Kuroda with manufacturing facilities in Japan, China and Malaysia is a designer and manufacturer of precision components and systems including ball screws, press tools, gauges, tool holding system, machine tool and measuring systems. Since 1925, Kuroda has served a wide range of industries including automotive, machine tool, semi-conductor, automation, and electronics principally throughout Asia. The investment and acquisition of Jena Tec by Kuroda is a further positive step in the development of both brand names whereas each have a reputation for high quality products in their respective markets and where the synergies of both groups will allow significant growth to be achieved globally with their combined resources. Operation of all Jena Tec group companies and respective appointed Directors will continue as before. Jena Tec Divisional Managing Director, Paul Ward, commented: “The investment by Kuroda in Jena Tec is warmly welcomed as the positive elements that both companies can share when combined are significant and supports the expansion plans identified by both groups of companies. The commitment, interest and shared historical background of Kuroda and Jena Tec in producing high precision products in a competitive global market place will continue to benefit our customers, employees and shareholders and secure our successful continued growth in thefuture.” Kuroda president, Hiroshi Kuroda, commented: “We are very pleased with Jena Tec joining Kuroda Group. Jena Tec and Kuroda share commitment to precision manufacturing, skilled employees and long-term relationship with our customers. Jena Tec’s high-quality precision products and customer base ideally complements with those of Kuroda. By combining our resources and competencies, we can better serve our global customers with a wider range of products and solutions. I am excited about the wonderful growth opportunities lying ahead of us.”