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Walter, a division within Swedish manufacturer Sandvik (STO: SAND), has reached an agreement to acquire the privately owned US based company Melin Tool Company, a manufacturer of solid carbide tools. Terms of the acquisition were not disclosed.
The acquisition further strengthens Walter's round tool offering, especially for the aerospace industry and the US 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 Walter's approach to doing business," says Richard Harris, president of Walter.