Sandvik to acquire US-based custom tooling manufacturer Peterson Tool Company
SANDVIKEN, Sweden, May 11, 2022 /PRNewswire/ -- Sandvik has signed an agreement to acquire the assets of US based company Peterson Tool Company, Inc., ("PTC") a leading supplier of machine-specific custom insert tooling solutions. The product offering includes custom carbide form inserts for high-production turning and grooving applications, primarily within the general engineering and automotive segments. The company will be reported in the GWS Tool business unit in Walter, a division within the business area Sandvik Manufacturing and Machining Solutions.
"The acquisition of Peterson Tool Company is well aligned with the shift to growth strategy to enhance our presence in the North American market and continuing GWS' strong track record of growth", says Stefan Widing, CEO and President of Sandvik.
"I am pleased that we continue to execute on our shift to growth strategy by expanding our offering towards the important general engineering and automotive segments. Peterson Tool Company adds to the GWS' solid position within custom cemented carbide solutions and is a great fit for our business area", says Nadine Crauwels, President of Sandvik Machining Solutions.
PTC is headquartered in Nashville, USA, and has 73 employees. In 2021 the company had revenues of 9 million USD and an EBITA margin neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik's earnings per share will be limited, yet slightly positive. The transaction is expected to close during the second or third quarter of 2022.
For further information, contact:
Louise Tjeder
VP Investor relations
phone: +46 (0) 70782 6374
or
Johannes Hellström
Press and Media Relations Manager
phone: +46 (0) 70721 1008.
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Sandvik to acquire US based custom tooling manufacturer Peterson Tool Company |
SOURCE Sandvik
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