Sandvik acquires US based tap manufacturer Balax
On August 2, 2022, Sandvik announced the acquisition of Balax, a US-based supplier of carbide and HSS cut taps, enhancing its offerings in the North American market. Balax, with 66 employees, reported revenues of $10 million in 2021. This acquisition aligns with Sandvik's growth strategy and will be integrated into Walter, a division focused on manufacturing and machining solutions. The impact on Sandvik's EBITA margin and earnings per share is projected to be limited, reinforcing the strategic importance of this acquisition.
- Acquisition of Balax strengthens Sandvik's product offering in North America.
- Synergies expected from integrating Balax into Walter division.
- Aligns with Sandvik's growth strategy.
- Balax's revenue contribution is limited, with only $10 million reported in 2021.
- Impact on Sandvik's EBITA margin and earnings per share expected to be limited.
STOCKHOLM, Aug. 2, 2022 /PRNewswire/ -- Sandvik has completed the acquisition of the assets of US based company Balax, Inc. ("Balax"), a leading supplier of carbide and HSS cut taps and roll forming taps, primarily within the general engineering and automotive segments. The company will be reported in Walter, a division within the business area Sandvik Manufacturing and Machining Solutions.
"The acquisition of Balax is the second acquisition by GWS during Sandvik's ownership and is well aligned with the shift to growth strategy. Balax will strengthen our tap offering on the North American market", says Stefan Widing, CEO and President of Sandvik.
Balax is headquartered in North Lake, USA, and has 66 employees. In 2021 the company had revenues of 10 million USD, and the impact on Sandvik's EBITA margin and earnings per share will be limited.
For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.
Stockholm, August 2, 2022
Sandvik AB
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SOURCE Sandvik
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