Sandvik acquires PMT Premier Machine Tools Limited

Rhea-AI Summary

On February 1, 2023, Sandvik acquired 95% of PMT Premier Machine Tools Limited, an Irish company specializing in machining solutions for the medical sector. This acquisition aligns with Sandvik's strategy to enhance its presence in the growing medical market, allowing for full machining solutions from design to verification. PMT, founded in 2000, reported revenues of approximately SEK 120 million in 2022 and has a neutral EBITA margin impact on Sandvik. The purchase price remains undisclosed, but the acquisition is expected to empower Sandvik's expansion into selected markets.

Positive

• Acquisition of PMT strengthens Sandvik's position in the fast-growing medical sector.
• PMT's capabilities enhance Seco's offerings, allowing for complete machining solutions.
• Potential for market expansion by leveraging PMT's relationships with key medical implant manufacturers.

Negative

• None.

STOCKHOLM, Feb. 1, 2023 /PRNewswire/ -- Sandvik has acquired 95% of the shares in the Irish based company PMT Premier Machine Tools Limited ("PMT"), a well-established solutions provider to medical customers in Ireland, with full coverage of machines, tools and services. The company will be reported within Seco, a division within Sandvik Manufacturing and Machining Solutions.  

"The acquisition of PMT fits well with our strategy to strengthen our position in the fast-growing area of medical. Together with PMT, Sandvik will be able to offer complete machining solutions to the medical segment", says Stefan Widing, CEO and President of Sandvik.  

PMT has through its strong partnerships the ability to deliver tailored machining solutions and services to its customers. The broad portfolio of services and know-how encompass the full machining process in medical, from design to verification, expanding Seco's offer from products to full solutions and services.

"PMT provides additional capabilities for Sandvik to grow within the medical segment, bringing strong relationships with key manufacturers of medical implants. 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," says Nadine Crauwels, President of Sandvik Machining Solutions.

PMT was founded in 2000 and has 14 employees. In 2022, the company generated revenues of approximately SEK 120 million. The EBITA margin is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik's earnings per share will be neutral. The parties have agreed not to disclose the purchase price.

Stockholm, 1 February 2023

Sandvik AB

For further information, contact Louise Tjeder, Investor Relations, phone: +46 79 060 87 17 or Johannes Hellström, Press and Media Relations Manager, phone: +46 70 577 0549.

The following files are available for download:

https://mb.cision.com/Main/208/3707301/1820793.pdf

Sandvik acquires PMT Premier Machine Tools Limited

View original content:https://www.prnewswire.com/news-releases/sandvik-acquires-pmt-premier-machine-tools-limited-301736202.html

SOURCE Sandvik

FAQ

What is the significance of Sandvik's acquisition of PMT Premier Machine Tools Limited?

The acquisition allows Sandvik to enhance its capabilities in the medical sector, offering complete machining solutions and expanding its market reach.

How much revenue did PMT generate prior to its acquisition by Sandvik?

PMT generated approximately SEK 120 million in revenue in 2022.

What is the financial impact of the PMT acquisition on Sandvik?

The acquisition is expected to have a neutral impact on Sandvik's earnings per share and EBITA margin.

When was the acquisition of PMT by Sandvik completed?

The acquisition was completed on February 1, 2023.