C. & E. FEIN GmbH of Germany is acquiring the number-two firm in the American core drilling market, Jancy Engineering, Inc. The acquiring firm is headquartered in southwestern Germany and is the original inventor of power tools. Its products are positioned in the premium segment.
According to a joint company press release, the acquisition is expected to bolster Fein’s position in the North American metal market. Jancy Engineering will remain under its current management after the acquisition. CEO Timothy Flaherty will manage operations.
With this acquisition, FEIN is expanding its capabilities in the field of metal core drilling applications.
Jancy Engineering of Davenport, Iowa is recognized as a key player in the development and production of HSS annular cutters and magnetic drills (marketed under the Slugger brand) as well as other specialty products for metalworking. These product capabilities are being viewed as an excellent addition to the FEIN portfolio.
The press release further states: "Their advanced technical capabilities and close relationships with professional users make Jancy Engineering an excellent fit for FEIN. Furthermore, Jancy’s internal culture, marketing approach, and development capabilities are in line with FEIN’s. This highly specialized manufacturer is the ideal partner for FEIN to reinforce its presence in the metal market segment. Jancy’s close customer contacts will help FEIN capture more of the North American market.
"FEIN anticipates close collaboration in R&D as well as synergies in the areas of production and procurement. Furthermore, adding value-creation functions in the United States will help FEIN counteract some of the currency risk associated with exporting.
"Jancy Engineering’s main product lines are annular cutters and magnetic drills. Metal cutting circular saws and beveling machines for weld prep work are additional product lines. Jancy’s locations will remain unchanged and all employees will be retained. Managers anticipate a fruitful exchange of experiences, market knowledge, and development capabilities.
"FEIN has been represented in the United States by its subsidiary FEIN Power Tools, Inc. of Pittsburgh since 1978 and in Canada by FEIN Canadian Power Tool Co. in Ontario for 50 years.
C. & E. FEIN GmbH invented the world’s first power tool. Wilhelm Emil Fein founded the company in 1867. FEIN invented the first power tool – the electric hand drill – in 1895. Today this long-established company is a power tool manufacturer with an international reputation. This first class German manufacturer develops and produces application solutions for the metalworking, interior construction, and automotive sectors and is the specialist for professional and extremely reliable power tools for industry and trades. FEIN holds more than 800 active property rights including approximately 500 patents and patent applications. FEIN products are distributed worldwide through 17 international subsidiaries and more than 50 agents. For over 140 years, the FEIN brand has stood for application solutions and premium quality. www.fein.com "