Sandvik acquires US custom tool manufacturer Peterson Tool Company

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SANDVIKEN, Sweden, May 11, 2022 /PRNewswire/Sandvik has signed an agreement to acquire the assets of US-based Peterson Tool Company, Inc., (“PTC”), a leading provider of custom machine-specific insertion tooling solutions. The product offering includes custom carbide shaped inserts for high production turning and grooving applications primarily in the general engineering and automotive segments. The company will be part of the GWS Tool business unit at Walter, a division of the Sandvik Manufacturing and Machining Solutions business area.

“The acquisition of Peterson Tool Company is part of a transition to a growth strategy to strengthen our presence in the North American market and the continuation of GWS’ strong growth track record,” said Stefan WidingCEO and President of Sandvik.

“I am delighted that we continue to execute our transition to growth strategy by expanding our offering into the important general engineering and automotive segments. Peterson Tool Company adds to GWS’ strong position in solutions custom cemented carbide and is a perfect fit for our industry,” says Nadine CrauwellsPresident of Sandvik Machining Solutions.

PTC is headquartered in Nashville, UNITED STATES, and has 73 employees. In 2021, the company achieved a turnover of $9 million and a neutral EBITA margin for Sandvik Manufacturing and Machining Solutions. The impact on Sandvik’s earnings per share will be limited, but slightly positive. The transaction is expected to close in the second or third quarter of 2022.

For more information, contact:

Louise Tjeder
VP Investor Relations
phone: +46 (0) 70782 6374

or

Johannes Hellstrom
Press and media relations manager
telephone: +46 (0) 70721 1008.

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https://news.cision.com/sandvik/r/sandvik-to-acquire-us-based-custom-tooling-manufacturer-peterson-tool-company,c3564878

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