STOCKHOLM, Sweden — Sandvik announced Jan. 6 that it has acquired privately-owned Thermaltek Inc., a manufacturer of high-temperature furnace systems and metallic heating elements headquartered in Concord, NC.
“Through this acquisition we add further strength to our leading position in industrial heating, a strategically important growth area for our Kanthal division within Sandvik Materials Technology,” says Göran Björkman, president of Sandvik Materials Technology.
“This acquisition is yet another important step for Kanthal to expand its global offering of sustainable industrial heating. I am pleased to welcome all employees at Thermaltek into the Kanthal family,” added Nicklas Nilsson, vice president of Kanthal.
In the 12-month period ending in September 2019, Thermaltek generated revenues of $13 million with its 30 employees and strong sales network in North America. Thermaltek will continue to go to market under its own brand.
The transaction is closed and Thermaltek will be reported as part of the division Kanthal within business area Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. The deal is neutral to earnings per share from the start.