Gleason Corporation has announced the signing of a definitive agreement with Daetwyler Industries AG and MDC Max Daetwyler AG to acquire all assets of Daetwyler’s Faessler gear-honing business.

Under the Faessler brand, Daetwyler has been producing gear-honing machines, related work-holding and tools for the high-precision hard finishing of gears.

The business operations of the Faessler division, which has about 70 employees, will be acquired by a new Gleason subsidiary, Gleason Switzerland AG, and will continue to operate at its current Swiss facilities in Bleienbach and Dietikon. The existing management team will be retained.

The transaction is structured as an asset deal, whereby “substantially all assets and certain contractual relationships of the Faessler business will be transferred by way of a bulk transfer according to the Swiss Merger Act”.

It is subject to employee notice periods and other customary closing conditions, which was expected to be completed in April 2019.

John Perrotti, president and CEO of Gleason Corp, said: “Faessler is a leader in honing technology for gears and ideally complements Gleason’s existing product line for gear hard-finishing solutions.”

“Its established presence in the global market-place and Gleason’s extensive sales and service organisation will create great synergies for existing and new customers.”

Ralph Daetwyler, CEO of Daetwyler Global Tec Holding, said “We are pleased to have a company such as Gleason – with its long tradition in gear technology and the gear production equipment market – become the new owner of this business.”

“We are proud of the accomplishments of the Faessler team, and we believe the potential for Faessler’s continued growth and success by being part of Gleason, with its market leadership and global reach, is truly exciting.”

Further details at www.gleason.com