Trimble and Hilti Form Joint Venture for the Building Construction Market
Intelligent Construction Tools, LLC to Begin Operations in September
SUNNYVALE, Calif. and SCHAAN, Liechtenstein - Trimble (NASDAQ: TRMB) and the Hilti Group announced today that they have reached a definitive agreement to form Intelligent Construction Tools, LLC. The joint venture, 50 percent owned by Trimble and 50 percent owned by Hilti, will focus on leveraging technologies from both companies to develop measuring solutions for the building construction trades.
Partnering since 2002, the Hilti and Trimble organizations share similar values—focusing on a deep understanding of the customer needs and harnessing innovation to develop value-added solutions that increase customer productivity. In addition, Trimble and Hilti have complementary channels and geographic footprints in the building construction space. By combining Hilti’s expertise in a wide range of leading application systems for construction professionals with Trimble’s broad portfolio of positioning technologies, the joint venture will deliver a new class of productivity solutions to the building construction industry.
“We are extremely pleased to be partnering with Hilti,” said Steven W. Berglund, president and CEO of Trimble. “The joint venture brings tremendous synergy to Trimble and Hilti by providing the expertise and platform to develop long-term strategies to serve the building construction market. The powerful combination of these two companies creates a unique opportunity to change the way work is done on building sites.”
“The software and hardware technologies and innovative capabilities of Hilti and Trimble are extremely complementary. The joint venture will allow both companies to broaden their portfolios with additional innovative measuring technologies,” said Bo Risberg, CEO of the Hilti Group.
Under the terms of the agreement, Trimble and Hilti will contribute cash and selected technology. In addition, both companies have licensed patents and other intellectual property from their portfolios for use in joint venture products. The proprietary technologies will serve as the joint venture’s foundation for product development and commercialization efforts.
The joint venture will supply products to Trimble and Hilti. Each will market, distribute, service and support the products using its independent distribution or direct sales channels.
Intelligent Construction Tools, LLC will be based in Westminster, Colorado and is expected to begin operations in September 2010.
About Hilti Group
The Hilti Group supplies the worldwide construction industry with technologically leading products, systems and services that provide construction professionals with innovative solutions and superior added value. The Group employs some 20,000 persons in over 120 countries who passionately create enthusiastic customers and build a better future. Hilti generated annual sales of CHF 3.8 billion in 2009. Hilti’s corporate culture is based on integrity, teamwork, commitment and the courage to embrace change. The headquarters of the Hilti Group are located in Schaan, Principality of Liechtenstein.
For more information about Hilti, visit www.hilti.com.
About Trimble’s Building Construction Division
Trimble’s Building Construction Division is a leading innovator of productivity solutions for the building construction contractor. Trimble’s solutions target site prep, general, concrete, mechanical, electrical and plumbing contractors on large and small commercial, industrial and residential jobsites. Trimble is focused on delivering solutions that tightly link office based process and information with the field crew—including taking Building Information Models (BIM) and other design data to the field for highly accurate positioning and layout of foundations and mechanical, electrical and plumbing systems. Trimble solutions provide a high-level of process and workflow integration from the design phase through to the finished project—delivering significant improvements in productivity throughout the building construction lifecycle.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
For more information, visit Trimble’s Web site at www.trimble.com.
Certain statements made in this news release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this news release. Factors that could cause or contribute to such differences include, but are not limited to: the ability of the joint venture to integrate the expertise of Hilti and Trimble and create innovative measuring tools; customer adoption and acceptance of the joint venture’s solutions; and the timing surrounding the launch of operations and availability of solutions. More information about potential factors which could affect Trimble’s business and financial results is set forth in reports filed with the SEC, including Trimble’s quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.
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