Sandvik Acquires Remaining Shares in Precorp Inc., USA
SANDVIKEN, Sweden -- September 24, 2013
Sandvik (STO:SAND) has reached an agreement to acquire the remaining 51% of
the shares in Precorp Inc., a company based in Spanish Fork, Utah, USA. The
acquisition is expected to be concluded by 1 October 2013 and Precorp Inc.
will from the same date be consolidated into Sandvik Machining Solutions.
Sandvik has been the minority share owner (49%) of Precorp Inc. since 2008.
Precorp Inc. was founded in 1986 and offers a full line of Polycrystalline
Diamond (PCD) and carbide tools including drills, reamers, end mills, port
tools, and micro tools to meet the requirements of high speed machining of die
cast aluminum, carbide parts and the machining of advanced composite materials
as well as many other materials. The company serves customers worldwide,
primarily within the aerospace and automotive segments.
In 2012 Precorp Inc. had sales of approximately 230 MSEK, with 200 employees.
“The already existing co-operation between Sandvik Machining Solutions and
Precorp has led to several new business opportunities. The acquisition of the
remaining shares in Precorp is a logic step and is in line with Sandvik’s
long-term strategy to have full ownership of core assets. Through the
acquisition, we intend to further develop and strengthen the global business
for engineered special diamond and cemented carbide based cutting tools,
particularly in the attractive aerospace segment”, says Jonas Gustavsson,
President of Sandvik Machining Solutions.
"I am confident that this acquisition is a good step, both for Sandvik and for
Precorp. Precorp’s long-term strategy for growth in the Aerospace segment is
in line with Sandvik’s strategy and now we will work even more integrated to
generate innovative solutions for our customers”, says Richard Garrick,
President of Precorp Inc. says Richard Garrick, President of Precorp Inc.
Stockholm, 24 September 2013
Sandvik AB discloses the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at 09:30 CET on 24 September, 2013.
The Sandvik Group
Sandvik is a global industrial group with advanced products and world-leading
positions in selected areas – tools for metal cutting, equipment and tools for
the mining and construction industries, stainless materials, special alloys,
metallic and ceramic resistance materials as well as process systems. In 2012
the Group had about 49,000 employees and representation in 130 countries with
annual sales of about 99,000 Million SEK.
Sandvik Machining Solutions
Sandvik Machining Solutions is a business area within the Sandvik Group and a
global market-leading manufacturer of tools and tooling systems for advanced
industrial metal cutting. Products are manufactured in cemented carbide and
other hard materials such as diamond, cubic boron nitride and special
ceramics. In 2012 sales were about 28,500 Million SEK with 18,300 employees.
Precorp Inc offers a full line of Polycrystalline Diamond (PCD) and Carbide
tools including drills, reamers, endmills, port tools, and micro tools to meet
the requirements of high speed machining of die cast aluminum, carbide parts
and the machining of advanced composite materials as well as many other
materials. In 2012 Precorp Inc. had sales of approximately 230 Million SEK
with 200 employees.
This information was brought to you by Cision http://news.cision.com
Pär Altan VP External Communications
+46 8456 12 37
Magnus Larsson, VP Investor Relations
+46 26456 12 40
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