Sudbury, Mass. - Methods Machine Tools Inc. has signed an agreement with an intent to acquire Koch Machine Tool, a machine tool dealer and Methods’ avenue into the Texas machining market since 2010.
Methods anticipates a definitive agreement by January 1, 2022. Both companies are preparing the proper structure and closing out final transactions to make the transition smooth for all employees and customers, according to Methods.
Acquisition talks began when Mike Koch, president of Koch Machine Tool, a 40+ year machine tool veteran, started planning for retirement and word got out that he was looking for the next owner of his business. Mark Wright, president and CEO of Methods, reached out to Mike earlier this year, and the two began negotiations.
“My entire family has invested a lot into the company, we've always strived to put the customer first," Mike Koch said. "That mentality never fades. I'll always want the best for my employees, customers, and everyone in between. I wanted to ensure everyone would be in the best hands possible, so naturally Methods Machine Tools was the obvious good choice.”
The Koch offices in Dallas and Houston will gradually become Methods’ facilities, and Mike Koch has agreed to become a Co-General Manager of these locations. He is expected to remain in this position for about three years to help facilitate the acquisition. Methods will announce the other Co-General Manager at a later date.
“Mike and his father constructed one the best machine tool dealers on a foundation of hard work, honest dealings, great service, and support. Mike always takes care of his customers and is true to his word,” Wright said. “Mike built a great team, and we think there is room to seriously grow the market. Koch has tremendous knowledge of machining and the Houston and Dallas markets. We’re excited to see what the combination of Koch’s mindset and our expert technicians can do for the machining industry across Texas.”
When the two companies finalize the agreement, machine shops throughout Texas will be able to use Methods' applications and automation teams to solve complex machining challenges. In addition, Methods’ national machine support structure will build upon the already strong Koch reputation, according to Methods.
Methods opened its Los Angeles, Memphis, and Wisconsin technical centers in 2014, 2018, and 2020, respectively, and has made various additions to its dealer network.