Kyocera Corporation, fresh off its summer acquisition of fastener and tool manufacturer Senco, revealed that it has completed an agreement to acquire Ryobi Limited’s power tool business.
Under terms of the deal, Kyocera is purchasing 80 percent of the business and will split the company into a separate power tool entity. The acquisition is expected to be completed by January 2018, Kyoto, Japan-based Kyocera disclosed in a press release.
“Kyocera has been focusing its efforts on diversifying and expanding sales of products from its core of indexable tools to solid carbide tools, woodworking tools, as well as power tools for the construction industry,” the company said.
The company also said, that by acquiring the power tool business from Ryobi, which has a strong market position in Japan and Asia encompassing a wide range of products with highly advanced technologies, Kyocera aims to take advantage of synergies with its relevant group companies in order to expand sales globally.
Kyocera had consolidated net sales of US$12.7 billion during the year ended March 31, 2017.