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Swedish manufacturer Sandvik's business area Sandvik Materials Technology has signed an agreement to divest its stainless wire business to Zapp Group, a German family-owned leading supplier of advanced metal products. This completes the full scope of the divestment plan for the welding and stainless wire operations, initially announced on May, 2017.
The deal includes the production unit in Sandviken, Sweden and the global sales organization, along with selected trademarks and patents; in total approximately 145 employees, of which the majority in Sandviken. Revenues for the stainless wire business amounted to 310 million SEK (US$34.8 million) in 2017 and the enterprise value is 183 million SEK (US$20.5 million).