6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
"We are committed to Talbot's continued success in the marketplace. We are excited to begin working with Talbot's dedicated employees, outstanding brands and valued customers," said Bill Coyle, one of Harpoint's principals.
Sale price and other specific terms of the transaction were not disclosed. The transaction is not expected to have a material effect on Milacron's sales, earnings or cash flow in 2003.
Talbot tool brands - Data Flute CNC, Weldon Tool, Brubaker Tool, Fastcut, New England Tap and Micro Carbide Tool - serve the automotive, aerospace and other metalworking industries with high-performance solid carbide and high-speed steel/cobalt end mills, drills, taps, reamers, countersinks and counterbores. With about 220 employees, the Talbot business manufactures its metalcutting round tools in Pittsfield, Massachusetts and Millersburg, Pennsylvania and had 2002 sales of approximately $30 million. Milacron purchased the four original Talbot brands in 1995 and added Data Flute in 1997 and Micro Carbide in 1999.
Talbot's reputation for leading-edge round tool technology is second to none, and we are happy to sell the business to a buyer who intends to grow it," said Ronald D. Brown, Milacron chairman and chief executive officer. "We thank everyone at Talbot for their hard work and dedication over the years. We extend our very best to them as they move forward with Harpoint Holdings as the supplier of quality products for metalworking."
Last month Milacron completed the sale of its other round tool business, Minnesota Twist Drill, to MTD Acquisition Inc.
"For Milacron, divesting the remainder of these cutting tool businesses enables us to further focus our resources on our core businesses - plastics technologies and industrial fluids - and continue to find better ways to serve our customers around the world," Brown said.