IMAP advises Hexagon on the sale of TESA PMI to GreatStar

Hexagon has sold its TESA PMI (Precision Measurement Instruments) business, a Swiss-headquartered leading global specialist in manufacturing high precision dimensional measurement instruments, to Hangzhou GreatStar Industrial Company Ltd. ("GreatStar"), a leading world-wide tool manufacturer.

TESA PMI is one of the leading global manufacturers of sub-micron high-precision measurement instruments and has been an innovator in this industry for more than 80 years. End-users from more than 30 countries and industries such as aerospace, metal processing, medical, and watchmaking trust in TESA PMI to provide highest quality measurement instruments ensuring highly consistent and accurate measurement for high precision manufacturing environments.

“The divestment of TESA PMI is an important milestone as we focus on our overall group strategy to be the technology leader for smart digital realities.” said Andreas Krause, CFO of Hexagon’s Manufacturing Intelligence Division. “We would like to thank the IMAP team for their highly professional preparation and execution of this complex carve-out project.”

Hangzhou GreatStar Industrial Co. Ltd. (SZSE:002444) was established in 1993 and is the world's second largest manufacturer of tools and storage products sold under various well-known brands such as Arrow, Pony, and Lista. In 2022, GreatStar employed approx. 13,000 people and generated revenues of EUR 2.0 billion.

With the acquisition of TESA PMI, GreatStar further expands its product portfolio and strengthens its market access in Europe. GreatStar stated that “the purpose of this acquisition is to enhance the Company's existing tool product lines and expand its product categories. In the future, the Company will leverage its well-established R&D system in China, combined with TESA PMI's engineering team in Switzerland, to jointly develop more high-precision measurement instruments that are suitable for the TESA brand and its customers. The Company will also utilize its existing sales channels to introduce TESA PMI products to more countries and regions.”

Hexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. Hexagon (Nasdaq Stockholm: HEXA B) has approx. 24,000 employees in 50 countries and net sales of approx. EUR 5.2 billion.

The IMAP team consisting of Henning Graw, Philipp Crocoll, Alexander Koehler and Sven Kantwill exclusively advised Hexagon and TESA PMI in a structured M&A process through all phases until the successful signing.