Power tool manufacturer Hitachi Koki Co. is changing its name to Koki Holdings Co., Ltd., effective June 1, 2018.
The Tokyo-based company is rebranding its full line of power tools known as Hitachi or Hitachi/Koki under a new HiKOKI brand, effective Oct. 1, 2018. According to Hitachi Koki, the changes are in line with the company’s international growth strategy. This includes expanding its business in nearly 100 countries.
Hitachi Koki, which also manufactures life-science equipment, has formed a new partnership with KKR, a global private equity group. Koki Holdings plans to accelerate expansion, both organic and through acquisitions, the company said.
Last month, the manufacturer established a new European subsidiary, called Koki Holdings Europe GmbH, in the suburbs of Dusseldorf, Germany.
“We have delivered award-winning innovation and manufacturing with solid business performance for over 70 years, and now is the time for us to focus on expansion as a truly global company while remaining rooted in our Japanese tradition,” said Osami Maehara, president of Hitachi Koki. “We have fully committed to accelerate growth alongside a dynamic new partner in KKR as we pursue our goal to become a global leader in power tools and life science instruments.”
Looking forward, Maehara said the repackaged company has set a sales target of U.S. $2.7 billion in fiscal 2020. “We are confident we can take our business to the next level with the support of all of our employees and partners worldwide, and the revamping of our brand name is the first step to make this possible.”
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(CORRECTION: A previous version of this article included an incorrect figure for the company's 2020 sales target.]