STOCKHOLM, Nov. 10, 2018 /PRNewswire/ -- Sandvik Coromant, a division within Sandvik Machining Solutions, has reached an agreement to acquire the privately owned US-based company Dura-Mill Inc, a manufacturer of precision solid carbide end mills. The acquisition enhances an already strong position and product offering in North America and primarily within the Aerospace segment.
"The acquisition is aligned with Sandvik Machining Solutions' focus on growing the round tools business. Dura-Mill will add even stronger capabilities for managing customized end mills", says Klas Forsström, President of Sandvik Machining Solutions.
"I am very pleased that we have reached an agreement to acquire Dura-Mill and make them part of Sandvik Coromant. Dura-Mill is a world class manufacturer of solid round tools for the metalworking industry, serving industries like Aerospace, Automotive, Power Generation and Medical. I am convinced that our combined knowledge in products and solutions will greatly benefit our customers," says Nadine Crauwels, President of Sandvik Coromant.
In 2017 Dura-Mill had revenues of 7.2 million USD and 30 employees.
The parties have agreed not to disclose the purchase price. The deal is accretive to earnings per share from the start.
The transaction is expected to close before the end of 2018.
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46-8-456-14-94 or Martin Blomgren, Press and Media Relations Manager, phone: +46-70-577-0549.
This information was brought to you by Cision http://news.cision.com
The following files are available for download: