Sandvik to acquire Spain-based Preziss, a solutions provider for aluminum and composite machining
SANDVIKEN, Sweden, May 20, 2022 /PRNewswire/ -- Sandvik has signed an agreement to acquire the Spain-based company Preziss, a cutting tools and solutions provider within high-precision drilling, reaming, milling and tooling systems. With the acquisition of Preziss, Sandvik will strengthen its offering towards the lightweight components of the automotive market. The company will be reported in Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions.
"I am very pleased that we continue to execute on our shift to growth strategy. Strengthening our position within lightweight materials is one of the key priorities within Sandvik Manufacturing and Machining Solutions," says Stefan Widing President and CEO of Sandvik.
Preziss has a global reach and sells to leading companies in the automotive industry. The company has a strong presence in Europe and in Mexico. Preziss is a full solutions provider for components machining with advanced engineering and application knowledge for lightweight products and production, as well as aftermarket service. Manufacturing in lightweight materials such as aluminum is becoming increasingly important in segments like automotive and aerospace, especially in the shift towards more sustainable transports and reduced fuel consumption.
"The acquisition of Preziss is aligned with our strategy to grow in lightweight materials and strengthen our position in the automotive aluminum segment by building a complete product and service offering. We look forward to welcoming Preziss to the Group," says Nadine Crauwels, President of Sandvik Machining Solutions.
Preziss was founded in 1971, has 75 employees and is headquartered in Montgat in Spain. The company had revenues of approximately 10 MEUR in 2021 and an EBITA margin that is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik's earnings per share will be limited, yet positive. The transaction is expected to close during the third quarter of 2022 and is subject to customary closing conditions.
Stockholm, May 20, 2022
Sandvik AB
For further information, contact Louise Tjeder, Vice President Investor Relations, phone: +46 70 782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 70 721 1008.
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Sandvik to acquire Spain-based Preziss, a solutions provider for aluminum and composite machining |
SOURCE Sandvik
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