Zircon Corporation has entered into a merger agreement with Harmony Energy Technologies to enhance its product line and expand its market reach.

Target Company Information

Zircon Corporation, a prominent manufacturer based in Silicon Valley, has announced a merger agreement with Harmony Energy Technologies Corp. The merger, finalized on April 14, 2023, will allow the combined entity to operate under the name Zircon. The company aims to leverage its proprietary sensor-based ASIC processor technology and an extensive patent portfolio to enhance its electronic hand-tool product line, expand into new global markets, and initiate a data and technology licensing business.

With a rich history spanning 46 years, Zircon is renowned for its innovative tools, including the original StudSensor™ stud finder. The company's strategy focuses on diversifying its product offerings, targeting adjacent markets, global expansion, and technology licensing. John Stauss, the CEO, emphasized that this merger, alongside plans for a public listing, will bolster their capability to implement growth strategies and offer advanced technological solutions.

Industry Overview

The hand tool industry in the United States is poised for significant growth, driven by increased construction activity and a rising demand for innovative tools that enhance productivity. As the construction s