Bangalore: HMT Machine Tools Limited, a subsidiary of HMT Limited, has signed a memorandum of understanding (MoU) with M/s ITECH, Italy, for marketing state-of-the- art programmable "guillotines" for printing industry in Europe, CIS countries, Latin America, USA and Canada.

ITECH is a subsidiary of ITAL Technology, engaged in project engineering and establishing turnkey projects, according to an HMT release.

The MoU envisages marketing, selling and servicing of HMT's paper cutting machines in the European and American markets, and a minimum business of around Rs 2.5 crore during the first year of operations.

ITECH has a strong presence in CIS with warehousing facilities at Moscow and Kiev, besides having a large marketing network in Europe, Latin America and USA to render quick and efficient pre-sales and after-sales-services, the release said.

The MoU has been signed by C J Aneja, executive director on behalf of HMT Machine Tools Ltd and Franco Cavagliato, technical director on behalf of ITECH, it said.

PTI