Sandvik Acquires Remaining Shares in Precorp Inc., USA
September 24 2013 - 3:40AM
Business Wire
Regulatory News:
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.
âThe 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 Sandvikâs 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 segmentâ, says
Jonas Gustavsson, President of Sandvik Machining Solutions.
"I am confident that this acquisition is a good step, both for
Sandvik and for Precorp. Precorpâs long-term strategy for growth
in the Aerospace segment is in line with Sandvikâs strategy and
now we will work even more integrated to generate innovative
solutions for our customersâ, says Richard Garrick, President of
Precorp Inc. says Richard Garrick, President of Precorp Inc.
Stockholm, 24 September 2013
Sandvik AB
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 â 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.
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
SandvikPär Altan VP External Communications+46 8 456 12
37orMagnus Larsson, VP Investor Relations+46 26Â 456 12 40
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