The Hilti Corporation entered the North American professional diamond service contractor market with the purchase of U.S.-based Diamond B Inc. on June 30.
This move allows Hilti to enhance its global position as a provider of equipment and consumables for the professional diamond service contractor.
A 25-year-old company based near Los Angeles, Calif., Diamond B is a top-tier diamond consumables manufacturer. The strategic acquisition combines the consumable products of Diamond B with Hilti’s equipment. Diamond B’s experienced sales force accelerates Hilti’s entry into the North American diamond service contractor market through an established customer base, according to the manufacturer.
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.”
Hilti is a manufacturer and supplier of specialized tools and fastening systems for the professional user. Based in Tulsa, Okla., Hilti North America employs approximately 3,000 employees in the United States and Canada. Hilti Group worldwide employs approximately 20,000 people in more than 120 countries. Hilti expertise covers the areas of gas and powder-actuated fastening, drilling and demolition, diamond coring and cutting, measuring, firestopping, screw fastening, adhesive and mechanical anchoring, and strut and hanger systems.
For more information, visit www.us.hilti.com.