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Techniks Industries Announces Acquisition of the Tooling Assets of Parlec, Inc.



Techniks Industries, a provider of tooling solutions for the metalworking and woodworking industries, has announced the acquisition of the tooling assets of Parlec, Inc., located in Rochester, NY. The acquisition expands Techniks Industries' broad product offering of aftermarket machine tool accessories and greatly enhances its manufacturing and distribution capabilities to distributors and OEMs located throughout North America.

Mike Nuccitelli, President and CEO of Parlec, said, "After almost 70 years in business, Parlec has transformed into one of the largest toolholding, tapping and boring businesses in North America. I am excited to partner with Techniks Industries, as I know Techniks shares our vision to become the premier provider of aftermarket tooling solutions across the globe. We look forward to working alongside the Techniks Industries team, whose industry reach and dedication to strong customer and supplier relationships provide an ideal platform to support Parlec's continued growth."

Vernon Cameron, President and CEO of Techniks Industries, stated, "With the addition of Parlec's complimentary arsenal of innovative products and unparalleled service, Techniks Industries will continue to provide superior machine tooling products, performance and value for all our customers. With a global network that spans throughout North America, Europe and Asia, Parlec's reach opens the world to Techniks Industries and Techniks Industries to the world."

For more information contact:

Techniks Industries

9930 East 56th Street

Indianapolis, IN 46236

317-803-8000

www.techniksindustries.com

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