Power tools firm Hitachi Koki today announced the acquisition of its German rival Metabo for Rs 1,900 crore.
"Hitachi Koki (Hitachi Group)...Intends to amplify its global acquisition of German competitor Metabo in the Indian market by introducing new products with cutting-edge technology," the company said in a statement.
The company will retain the brand identity of Metabo and maintain a separate business vertical in India, it said.
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"We have successfully completed the acquisition of Metabo, a long-established power tool manufacturer in Germany, which has strong brand awareness, mainly in the European market," Osami Maehara, President and Board of Director of Hitachi Koki Co Ltd, Japan, said in the statement.
Hitachi Koki acquired Metabo for Rs 1,900 crore in March 2016. The plan is to achieve additional five per cent of Indian revenue through the acquisition with a new range of products. Metabo will continue to have R&D centre in Germany and will be supporting India with latest technological products, the release said.
Hitachi Koki India provides a spectrum of power tools and accessories that cater to the vast and varied requirements of the Indian Industry.
