Hilti Buys U.S. Diamond Blade And Bit Manufacturer
This move allows Hilti to enhance its global position as the choice provider of equipment and consumables for the professional diamond service contractor.
A 25-year-old company based near Los Angeles, CA, Diamond B is a top-tier diamond consumables manufacturer and readily recognized brand for this segment in the United States. The strategic acquisition combines the consumable products of Diamond B with Hilti’s innovative equipment. Diamond B’s experienced sales force accelerates Hilti’s entry into the North American diamond service contractor market through an established customer base.
Diamond B posted annual sales of $10.8 million in 2008. Both companies agreed not to disclose the purchase price.
The former owner and president of Diamond B, Webb Burnett, will retire from the business once the transition is complete. Long-time Hilti employee Andrew Hunt, previously the head of Hilti’s Singapore market organization, will manage the new subsidiary.
Floor and wall saw blades for the North American market will be manufactured at the U.S.-based production facility. Drilling and sawing equipment will be manufactured in Liechtenstein and further strengthen the position and capacity use of production there.
“The current economic situation not only represents a challenge to companies, it also opens new opportunities,” said Marco Meyrat, the Hilti Executive Board Member responsible for worldwide marketing and sales. “With this acquisition, Hilti is strengthening the long-term growth of the entire company. In Diamond B we are gaining one of the best and most professional U.S.-based diamond consumables manufacturers and direct sales force. The many years of experience of both companies in this area will contribute to successfully developing the potential market in North America.”