Kyoto, Japan-based Kyocera, most well-known for manufacturing electronics and ceramics, announced Wednesday that is has agreed to purchase Munroe Falls, OH-based cutting tool manufacturer SGS Tool Company. One of Kyocera's business arms is Kyocera Precision Tools.
Terms were not disclosed for the transaction, which is effective May 2. SGS Tool will be renamed Kyocera SGS Precision Tools.
Kyocera the move is part of its plan to increase sales of its cutting tool business in North America by 250 percent by its fiscal year ending March 31, 2019. The company is expanding its cutting tool busines globally with a main lineup of indexable cutting tool products.
"SGS Tool is a solid tool manufacturing and sales company developing its business mainly in the U.S. and U.K. which possesses strength in products for the automotive, aerospace, energy and medical industries," Kyocera said in a statement. "By incorporating SGS Tool into the Kyocera Group, Kyocera will create a business structure capable of providing total solutions and strengthen its business globally as a valuable comprehensive cutting tool manufacturer."
SGS Tool is led by president Thomas Haag. Established in 1951, the company employees had 335 employees as of Feb. 29.