Engineering Technology Group (ETG) has acquired HK Holdings and all of its subsidiaries from the Pexion Group in a deal that is promising to transform the way manufacturers access the latest technologies.
The Wellesbourne-based company, which celebrates its 25th birthday later this year, has reacted to industry’s growing appetite for new production techniques to make yet another acquisition.
ETG is now able to offer its growing client base a single-source solution for CNC machining, wire EDM machines, 3D printing and additive manufacturing.
“3D printing, in particular, has gone through the ‘proving’ stage and is now seen as a viable way of manufacturing for sub-contractors and OEMs. As a result, the surge in sales in the marketplace is huge and expected to hit $14bn globally by the end of 2020,” explained Martin Doyle, Managing Director of ETG.
“We had two choices. Look to take on existing principals and agree new distribution agreements or purchase a company that is already established in the sector and can boast immediate access to world class brands and a whole host of technical expertise with their current staff.”
He continued: “Pexion Group is a key account for ETG, with multiple CNC machines installed across its group of companies. We knew it was reviewing how to develop HK Holdings so decided we would approach it about the possibility of integrating it into our business.
“It’s a perfect fit. We have a nationwide network of customers for CNC machining and automation and a lot of those have a need for EDM machines and additive manufacturing…and this works the other way too.”
Darren Turner, Co-owner of the Pexion Group, added his support: “The majority of our businesses are focused on manufacturing and this deal provides HK Holdings with a new parent that can really unlock its potential and technical expertise.
“It’s a good acquisition for both parties and gives us the opportunity to focus on our core manufacturing activities, whilst the additional funding generated will help us deliver our ambitious growth plans.”
The Engineering Technology Group (ETG) delivers highly productive turnkey solutions to customers involved in aerospace, automotive, high value engineering, medical and oil and gas.
Its portfolio of world class brand includes Chiron, Nakamura, Quaser, Hardinge, Bavius and Stama.
The acquisition of HK Holdings gives it access to industry-leading brands in additive manufacturing, including 3D Systems and Markforged. On the EDM side, ETG will now sell the latest Mitsubishi and OPS-Ingersoll EDM machines, which include the fastest EDM model in the world.
Martin concluded: “HK Technologies is a respected brand and has excellent people working in the company. Our plan is to invest in the name, a new marketing drive and ensure the vast technical knowledge is brought to the fore, maximising cross-selling opportunities in the process.
“There are a number of ancillary products we can add to our portfolio, ranging from laser marking and gear grinding machines to precision shaft machining equipment and tooling systems.
“This is a major deal and one that will make the rest of the sector sit up and take notice.”
For further information, please visit www.engtechgroup.com or www.hktechnologies.com