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Sandvik acquires remaining shares in Precorp Inc., USA

Sandvik has reached an agreement to acquire the remaining 51% of the shares in
Precorp Inc., a company based in Spanish Fork, Utah, USA. The acquisition is
expected to be concluded by 1 October 2013 and Precorp Inc. will from the same
date be consolidated into Sandvik Machining Solutions. Sandvik has been the
minority share owner (49%) of Precorp Inc. since 2008.
 
Precorp Inc. was founded in 1986 and offers a full line of Polycrystalline
Diamond (PCD) and carbide tools including drills, reamers, end mills, port
tools, and micro tools to meet the requirements of high speed machining of die
cast aluminum, carbide parts and the machining of advanced composite materials
as well as many other materials. The company serves customers worldwide,
primarily within the aerospace and automotive segments.
 
In 2012 Precorp Inc. had sales of approximately 230 MSEK, with 200 employees.
 
“The already existing co-operation between Sandvik Machining Solutions and
Precorp has led to several new business opportunities. The acquisition of the
remaining shares in Precorp is a logic step and is in line with Sandvik’s long
-term strategy to have full ownership of core assets. Through the acquisition,
we intend to further develop and strengthen the global business for engineered
special diamond and cemented carbide based cutting tools, particularly in the
attractive aerospace segment”, says Jonas Gustavsson, President of Sandvik
Machining Solutions.
 
"I am confident that this acquisition is a good step, both for Sandvik and for
Precorp. Precorp’s long-term strategy for growth in the Aerospace segment is in
line with Sandvik’s strategy and now we will work even more integrated to
generate innovative solutions for our customers”, says Richard Garrick,
President of Precorp Inc. says Richard Garrick, President of Precorp Inc.
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