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CHERVON plans to buy SKIL
“SKIL is an excellent complement to our existing brand portfolio. It will further strengthen our competitive position in the global power tool market”, said Peter L.Q. Pan, the president of Chervon (HK) Ltd., “with SKIL onboard I am looking forward to continuing to grow and develop our global branding business.”
On Aug 23, 2016, Chervon (HK) Ltd. signed the agreement with the Bosch Power Tools division to acquire the SKIL businesses in North America and Europe. The deal has been approved by the Board of Directors of Bosch and Chervon, respectively, and is now subject to the approval of antitrust authorities.
Founded in 1924, SKIL has been a highly recognized tool brand for over 90 years. In the early 1920s, SKIL invented the world’s first electric hand saw (known as the SKILSAW) and this product has remained successful in the marketplace for over 90 years. The SKILSAW has been so widely used and well accepted by the industrial workers and American families that people often refer to it as “The saw that built America” and SKIL became an iconic tool brand in USA. In 1960, SKIL expanded its business to Europe. Beginning in the early 1980s, they expanded their footprint into South America, Asia Pacific and other emerging markets. With the fast growing global presence, SKIL quickly developed into one of the top three DIY power tool brands worldwide. In 1996, SKIL was acquired by the Bosch Group and became one of the business units of the Bosch Power Tools division.
The business cooperation between Chervon and Bosch can be traced back to 2003, when Chervon became one of the major OEM suppliers of Bosch Power Tools division. In 2007, the two companies partnered together and formed a joint venture in Nanjing known as Bovon Power Tools with a focus on benchtop products, further strengthening the strategic partnership.
Our SKIL acquisition is the result of a very collaborative and long term strategic planning process from both companies that has not only been built on individual perspectives, but also the achievements of the continuously-enhanced, trust-based business partnership that has been established between the two companies over the past decade. At this exciting moment, we must express our deep appreciation to Bosch, who as a global industrial leader, has demonstrated extraordinary strategic vision and responsibility with regards to the global power tool market development.
“We are confident that the SKIL business will benefit from Chervon, and will be able to take the best possible advantage of its opportunities for growth in this customer and price segment.” Said Mr. Henning von Boxberg, the president of the Bosch Power Tools division.
Chervon’s strategic plan of original branded business began in early 2003. In 2007, Chervon launched its first professional brand, DEVON, targeting the professional tool user in the Chinese market. In 2013, Chervon acquired the century-old German power tool brand FLEX and entered into the European high-end professional power tool market. In 2014, Chervon introduced the world’s first 56V Lithium-ion battery driven outdoor power equipment into North America, Europe and Oceania markets under its own developed brand EGO. In addition, our current brand portfolio also includes the brands X-TRON and HAMMERHEAD.
Chervon’s primary mission has been to continuously build great products for its customers through product innovation and continuous improvement which in the end creates exceptional value for the consumer. We intend to enhance our direct connection with our consumers by expanding our original brand business and operations within the worldwide market. This will continue to reinforce Chervon’s market position as one of the leading total solution manufacturers within the power tool, outdoor-power-equipment and other tool related industries.