Apex Tool Group Closes Acquisition of Yecen; Chinese Automotive Repair Equipment Manufacturer Joins Apex's Leading SATA® Tools Portfolio
SPARKS, Md. – Apex Tool Group, LLC announced it has closed the acquisition of China-based Shanghai Yecen Auto Technology Ltd. (Yecen), a highly strategic automotive sector acquisition in the Asia Pacific region for Apex's SATA Tool (Shanghai) Limited subsidiary. The transaction was effective March 30, 2015 and was financed with cash on hand in China.
Yecen's wheel aligner and automotive lift product lines now will be part of Apex's broad SATA brand portfolio; SATA® is China's number one brand in the professional hand tool industry and one of the major suppliers to the hand tool market in China. Yecen is a leading solutions provider serving the Chinese automotive repair channel and employs 120 associates.
Apex's CEO Tom Wroe comments, "We expect the acquisition and integration of the Yecen business will generate significant synergy sales and growth opportunities in this expanding segment of the Chinese automotive market." Yecen's success in the Chinese wheel aligner market has been built on its highly regarded technology and productivity-enhancing user innovation that utilize 3-D technology and proprietary software.
"Yecen's product portfolio will help us further expand SATA's current broad offering of mechanics' hand tools, pneumatic tools and wheel maintenance equipment," adds David Ling, President of Apex's Asia Pacific Hand Tools business. "Key to this growth will be leveraging the combined network of Yecen's dealers with SATA's broader network of dealers to grow sales of our SATA® tools and equipment."
Yecen's previous owner, Jindong Liu, will serve as General Manager responsible for RD and Operations, and its management team will continue with the business after the acquisition is consummated and as the organizations are integrated.
Apex Tool Group, LLC based in Sparks, Maryland, is one of the largest worldwide producers of industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products. Directly, and through its subsidiaries, Apex serves a multitude of global markets, including automotive, aerospace, electronics, energy, hardware, industrial, and consumer retail. Apex markets its portfolio of diverse products under its own brand names in addition to being the principal manufacturer for several key private label products for certain retailers for many years. Apex's global worldwide brands includeApex®, Cleco®, Dotco®, Recoules®, Quackenbush®, Crescent®, GearWrench®, Armstrong®, Weller®, Lufkin®, Campbell®, SATA® and Wiss®.
SOURCE Apex Tool Group, LLC
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