|By PR Newswire||
|February 13, 2013 02:38 PM EST||
CINCINNATI, Feb. 13, 2013 /PRNewswire/ -- Setco is proud to announce the purchase of a majority interest in NEO Precision Tech. Co., Ltd., Taichung, Taiwan, Taiwan's premier builder of machine tool spindles and machining heads. After 100 years of serving North America, Setco extended its expertise to the India spindle market in June of 2012 acquiring majority interest in Ultra Precision Spindles Pvt., Ltd. (UPSPL), the largest independent rebuilder of precision machine tool spindles in India. This move further strengthens Setco's commitment to serving its global customer base.
Jeff Clark, President of Setco, says, "NEO is another perfect fit for Setco's overall strategy of growing sales globally. Setco exhibited NEO Precision Tech's spindles at IMTS and saw great interest from North American customers and customers across the globe. NEO Precision Tech. custom motorized spindle technology greatly enhances Setco's product offerings as well as support capabilities in Asia. The merging of these two great companies provides customers the best of both companies' product offerings while bettering worldwide support."
Setco - Setco is owned by Holden Industries, Inc., a 100% Employee-Owned Company headquartered in Deerfield, Illinois, USA. Holden Industries operates four wholly-owned subsidiaries which comprise four core business areas. For 100 years — since 1912 — Setco has designed, built, and serviced precision spindles and slides and is recognized worldwide as a technical leader in design and manufacturer of precision spindles and spindle/slide combinations. Setco is a major spindle manufacturer with over 250,000 spindles in the field — new and rebuilt — which include belt-driven, geared, motorized, high speed and high frequency models. In addition, Setco offers a complete line of precision linear slides which include dovetail, hardened way and linear rail slides in 21 standard sizes and hundreds of standard catalog models. Setco products are used worldwide in a variety of industries; including automotive, aerospace, construction, die/mold, cabling and winding, plastics, woodworking, stone cutting and general metalworking industries.
NEO Precision Tech. - With manufacturing and the corporate office located in Taichung, Taiwan, NEO is recognized as a leader in the design, manufacture and service of high performance precision motorized spindles and machining heads. NEO is only 7 years new but 75 employees strong and growing due to increasing market recognition from machine tool builders around the world for NEO's engineering application depth in building world class motorized precision spindles and machining heads. It's this foundation that Setco plans to build upon and make Setco the world's most recognized name for precision spindles and machining heads.
For more information on all of Setco's offerings, please visit www.setco.com or contact your closest Setco or NEO Precision Tech. representative:
Gary Renner - Marketing Manager
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