Sandvik has acquired precision tools manufacturer Sphinx Tools
Sandvik has completed the acquisition of 100% of Sphinx Tools Ltd and its subsidiary P. Rieger Werkzeugfabrik AG, a Swiss manufacturer of precision solid round tools and surgical cutting tools. This strategic move aims to strengthen Sandvik's position in the high-growth micro tools market, enhancing its offerings within the Sandvik Coromant division. Sphinx Tools, founded in 1994, had revenues of approximately 292 MSEK in 2021. While the financial impact on Sandvik's earnings per share is expected to be slightly positive, the purchase price remains undisclosed.
- Acquisition of Sphinx Tools enhances Sandvik's product portfolio in micro tools.
- Strengthens Sandvik's position in the growing market for surgical cutting tools.
- Sphinx Tools had revenues of approximately 292 MSEK in 2021.
- Integration will enhance Sandvik Coromant's competitive offerings.
- EBITA margin of Sphinx Tools is neutral to Sandvik Manufacturing and Machining Solutions.
STOCKHOLM, Aug. 8, 2022 /PRNewswire/ -- Sandvik has signed and completed an agreement to acquire
"With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high growth area of micro tools", says Stefan Widing, CEO and President of Sandvik.
Sphinx Tools enhances Sandvik Coromant's product offering within solid round tools and is an established player in the adjacent surgical cutting tools market. The company is present in Europe with three production sites in Switzerland and has global distribution.
"The acquisition of Sphinx Tools fits very well with our strategy to strengthen our position in round tools. With Sphinx Tools we will have the opportunity to take a global leading position in micro tools, a premium niche of round tools, expand our product portfolio and enter an adjacent area of surgical tools. We are very pleased to welcome Sphinx Tools to the Group", says Nadine Crauwels, President of Sandvik Machining Solutions.
Sphinx Tools was founded in 1994, has around 115 employees and is based in Switzerland. In 2021, the company generated revenues of approximately 292 MSEK. The EBITA margin is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik's earnings per share will be limited, yet slightly positive. The parties have agreed not to disclose the purchase price.
Stockholm, August 8, 2022
Sandvik AB
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.
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SOURCE Sandvik
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