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Techniks Industries (Indianapolis, Indiana), a tooling provider for the metalworking and woodworking industries, has acquired the tooling assets of Parlec Inc. (Fairport, New York). The acquisition expands Techniks’ product offering of aftermarket machine Tungsten Carbide Inserts tool accessories and enhances its manufacturing and distribution capabilities to distributors and OEMs located throughout North America.

Parlec says it will retain its presetter business under the Omega Tool Measuring Machines brand. The Parlec tooling division will continue to operate as an independent company, branded Parlec LLC under the Techniks Industries umbrella. Parlec says that in January 2016, its executive team decided to view the company as two separate businesses, one focused on tooling, the other on presetting. The market strategies for these two businesses differed and their market growth was found to be compromised as a result. Techniks’ acquisition of the tooling branch is intended to enable better growth to maintain competition.

“With a global network that spans throughout North America, Europe, and Asia, Lathe Carbide Inserts Parlec’s reach opens the world to Techniks Industries and Techniks Industries to the world,” says Vernon Cameron, president and CEO of Techniks Industries.