California, USA, 10 May 2007L: Topcon Positioning Systems announced that it has signed a binding agreement to acquire Hayes Instrument Company. The agreement includes an all cash purchase for an undisclosed amount.
Hayes, which has been in business for almost 25 years, has represented Topcon surveying products in Tennessee, Alabama, Kentucky, Mississippi, and Arkansas. It is also one of Topcon’s 13 regional repair centers in the U.S.
In announcing the sale, Eddie Clanton, Hayes’ president and CEO, said, “The precise positioning industry is advancing rapidly. The technology is allowing more productivity for every surveyor, but the business is also becoming more complex. The future success of any instrument business is in providing immediate local support and aggressive training and service programs.
“We realized the future of the instrument business is in brick-and-mortar more locations to better serve customers,” he said. “This requires a substantial investment that only a company like Topcon can provide. Topcon has the resources and the people to take what we have worked hard to build and quickly increase the business by expanding our staff.”
Clanton said, “The decision to work with Topcon is a win-win situation for our staff, our customers, our family and Topcon. The company has a long history of developing the most innovative products – including an amazing 13 new products announced just last month – and it is dedicated to providing exemplary support after the sale.”
“The future of our business is local dealers taking care of local customers and no one does it better than the folks at Hayes,” he said. “The entire Topcon family is looking forward to not only working with Eddie and his staff to expand the business, but to further expand the company’s extensive local distribution network.”