SANDVIKEN, Sweden, May 16, 2022 – 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.
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.