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Sandvik (OTCPK:SDVKY) has acquired a 30% stake in privately owned Italian company Beam IT, a leading provider of metal additive manufacturing services and advanced end-use components. Sandvik also acquiredthe right to further increase its stake over time. Terms of the transaction were not disclosed.
"The investment in Beam IT will complement our existing offer in Additive Manufacturing. It is also in line with Sandvik's strategic ambition to become a leading solution provider for the wider component manufacturing industry," says Lars Bergström, President of Sandvik Machining Solutions.
Beam IT generated revenues of about SEK70 million (US$7.5 Million) in 2018.