Walter, a division within Sandvik Machining Solutions, has reached an agreement to acquire the privately-owned, U.S.-based company, Melin Tool Company, a manufacturer of solid carbide tools. The acquisition further strengthens Walters round tool offering, especially for the aerospace industry and the U.S. channel partner market.
By this acquisition we will further strengthen our round tools offering, which is in line with Sandvik Machining Solutions growth strategy, says Lars Bergström, President of Sandvik Machining Solutions.
I am very pleased that we have reached an agreement to acquire Melin Tool Company as it increases our market presence, and has a strong innovation focus and high service level that is aligned with Walters approach to doing business, says Richard Harris, President of Walter.
In the 12-month period, which ended in September 2019, Melin Tool Company generated revenues of USD $22 million with 100 employees.
The parties have agreed not to disclose the purchase price. The transaction was closed on December 31, 2019. The deal is neutral to Sandvik earnings per share from the start.
Press release courtesy of Sandvik Group