Swiss Company Buys Monarch Hydraulics
GRAND RAPIDS — Monarch Hydraulics Inc., the oldest family-owned business in Michigan, will be sold to Bucher Industries of Switzerland, according to an announcement today by Tom Jackoboice, president of Monarch Holdings, parent company of Monarch Hydraulics.
Bucher Industries is a publicly held company listed on the Swiss SWX exchange, with 2006 revenue of $1.8 billion.
Monarch Hydraulics, the largest producer of hydraulic power units in North America, according to a company news release, had 2006 sales of $71 million with 240 employees. Monarch has production facilities in Grand Rapids and Newaygo, plus other facilities in London, Ontario; Longueil, Quebec; Coventry, U.K.; and Zhaoqing, China.
"We were impressed with Bucher's philosophy, products and personnel," said Jackoboice. "The acquisition will provide tremendous growth opportunities for the combined entity both in North America and around the world. Monarch's manufacturing expertise, rapid delivery and customer focus provide a ready platform for Bucher Hydraulics to expand upon, especially in North America."
The current management and employees at Monarch will remain with the company and Dan Vaughn, president of Monarch Hydraulics, will lead Bucher Hydraulics operations in North America, according to the release.
The purchase price is not being disclosed.
According to its Web site, Monarch Hydraulics was founded in Grand Rapids in 1856 by Joseph Jackoboice, who began building steam engines and machinery for furniture factories. The fourth and fifth generations of family members are now involved in managing the company. Monarch's AC power units, DC power units, fluid power packs, hydraulic components and systems, SAE pumps and Dyna-Lift work stations can be found on products as varied as work trucks to ice cream machines.
Besides North Amierca, Monarch products are sold in Europe, Asia and Australia.