Friday, March 29, 2024

Sandvik Acquires US-based Custom Tools Manufacturer Peterson Tool Company

STOCKHOLM, Sweden, Jul 18, 2022 – Sandvik has completed the previously announced acquisition of 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.

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.

About GWS Tool Group

GWS Tool Group is a North American-based, vertically integrated manufacturer of highly engineered custom, standard, and modified standard cutting tools, primarily servicing the aerospace and defense, power generation, automotive, and medical sectors. GWS Tool Group has acquired multiple businesses in the course of its growth which now serves as the respective manufacturing divisions for the Company.

For more information, please visit WWW.GWSTOOLGROUP.COM or contact Drew Strauchen, EVP of Marketing & Business Development for GWS Tool Group at 877.497.8665.

About Sandvik Group

Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and sustainability. We hold world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2020, the Group had approximately 37,000 employees and revenues of about 86 billion SEK in more than 160 countries within continuing operations. For more information, visit https://www.home.sandvik/en.

Nitin Patil
Nitin Patil
Editor and Director of Content, DailyCADCAM.com. Nitin completed his Master's in Mass Communication & Journalism and having 13 years of work experience as an editor, content writer with renowned international technical magazines and media companies. He is associated with CAD,CAM industry since 2008.
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