Sweden-based cutting tools manufacturer Sandvik has acquired 95% of the shares in Irish company PMT Premier Machine Tools Limited, according to a news release. Financial details were not disclosed.
PMT will be reported within Seco, a division within Sandvik Manufacturing and Machining Solutions, the company said.
“The acquisition of PMT fits well with our strategy to strengthen our position in the fast-growing area of medical,” said Stefan Widing, CEO and President of Sandvik. ”Together with PMT, Sandvik will be able to offer complete machining solutions to the medical segment.”
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PMT is a solutions provider to medical customers in Ireland, with full coverage of machines, tools and services. The company was founded in 2000 and has 14 employees. PMT reported 2022 revenue of about $11.5 million.
“PMT provides additional capabilities for Sandvik to grow within the medical segment, bringing strong relationships with key manufacturers of medical implants,” said Nadine Crauwels, President of Sandvik Machining Solutions. “We can build on PMT’s medical machining know-how and, together with Seco’s medical sales and application experts, expand into selected markets. We are very pleased to welcome PMT to the Group.”