U.S. – On February 3rd, the HOMAG Group, world leader in the manufacture of machines and plants for the wood processing industry, acquired all shares of Stiles, its U.S. distributor. Homag, which previously owned a minority stake of 26.7%, acquired all shares from Peter Kleinschmidt, who ran the company for 39 years and is now retired from active business, but will continue as a member of the supervisory board of Stiles.

HOMAG Group´s CEO Dr. Markus Flik emphasizes: “Within our industry, the US is one of the dynamic markets with growth opportunities and is for us of strategic importance. As market leader in the US, we are acquiring the leading distribution and service organization in this industry. Increasing our interest in Stiles which we have held since 1992 is the only logical step. This measure allows us to benefit directly from the anticipated re-industrialization in the US in which we will now play a role on account of our direct market access.”

Having a relevant market share in excess of 35 percent, Stiles is the leading distribution and service organization for machines and production lines for the US woodworking industry. With more than 290 employees, Stiles generated annual sales revenue of about USD 158 million in 2013. This constitutes a rise on 2012 of 22 percent. On account of the increase in industrial activity and the great need for investment, experts also anticipate similar growth rates in the next few years both for stand-alone machines and production lines. The company will continue to trade as Stiles Machinery Inc.