Sandvik to acquire CAM reseller Cimquest

Rhea-AI Summary

Sandvik has signed an agreement to acquire Cimquest, a US-based CAM solutions reseller, to strengthen its position in the CAM market and expand its customer base. The acquisition will enhance Sandvik's digital manufacturing capabilities and positively impact earnings per share.

STOCKHOLM, Feb. 26, 2024 /PRNewswire/ -- Sandvik has signed an agreement to acquire Cimquest, a US based reseller of Computer Aided Manufacturing (CAM) solutions and one of the largest resellers in the Mastercam network. With the acquisition, Sandvik strengthens its position in the CAM market and further builds on its capabilities to serve customers and expand the customer base.  Cimquest will be a part of business unit Mastercam and will be reported within business area Sandvik Manufacturing and Machining Solutions.

Cimquest has since 1990 been a reseller of Mastercam, a global leading provider of CAD/CAM software solutions for manufacturing industries, owned by Sandvik. In addition to reselling Mastercam, Cimquest is a distributor of additive products, mainly 3D printers for both metal and polymers.

"The acquisition of Cimquest is another step in our strategic direction to grow in the digital manufacturing space, and an important investment in Mastercam's channels. This will strengthen our presence within CAM, expand our ability to serve customers and improve our growth platform going forward," says Stefan Widing, President and CEO of Sandvik.

Cimquest, founded in 1990, is headquartered in Branchburg, New Jersey, and has 55 employees. In 2023, the company had revenues of around 26 MUSD*. The impact on Sandvik's EBITA margin will be limited. Impact on earnings per share will be positive. The parties have agreed not to disclose the purchase price.

*A limited part of Cimquest revenues in 2023 were to Sandvik-owned Mastercam and will not impact Group total external revenues.

Stockholm, February 26, 2024
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

The following files are available for download:

https://mb.cision.com/Main/208/3935899/2628508.pdf

Sandvik to acquire CAM reseller Cimquest

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SOURCE Sandvik

FAQ

What is the significance of Sandvik acquiring Cimquest?

Sandvik aims to bolster its presence in the CAM market and enhance its digital manufacturing capabilities through the acquisition of Cimquest.

Where is Cimquest headquartered?

Cimquest is headquartered in Branchburg, New Jersey.

What products does Cimquest distribute?

Cimquest distributes Mastercam CAD/CAM software solutions and additive products, including 3D printers for metal and polymers.

How will the acquisition impact Sandvik's earnings per share?

The acquisition of Cimquest is expected to have a positive impact on Sandvik's earnings per share.

Who is the President and CEO of Sandvik?

Stefan Widing is the President and CEO of Sandvik.