Sandvik to buy share in U.S. cutting tools maker

Industrial Distribution staff -- Industrial Distribution, 6/16/2008 6:28:00 AM

Sandvik Tooling agreed to acquire a 49 percent stake in cutting tools manufacturer Precorp Inc. for an undisclosed amount.

Spanish Fork, Utah-based Precorp, which makes polycrystalline diamond (PCD) and cemented-carbide cutting tools, posted sales of roughly $23 million last year. The company employs 140 workers.

“The acquisition is in line with Sandvik’s long-term strategy to deliver increased customer value and generate profitable growth. Through the acquisition, we intend to further develop and strengthen the global business for diamond-based cutting tools, particularly in the rapidly growing aerospace segment,” Sandvik Tooling president Anders Thelin said.

Sandvik said it expects the deal to close by the end of June.

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