Tübingen, GERMANY — Walter has signed an agreement to acquire the US-based GWS Tool Group, a manufacturer of solid carbide endmills and drills as well as HSS taps and PCD products. GWS is focused on highly-engineered customized cutting tools for the American market.
The acquisition supports Walter's growth strategy in North America. “I am very pleased that we have reached an agreement to acquire GWS, as it will significantly increase our presence in the US and strengthen our solid carbide tools offer in this key market,” said Richard Harris, President of Walter.
GWS has a strong focus on the aerospace industry and provides a complementary product portfolio. This is a strategic opportunity to increase Walter's and GWS' position in the manufacturing of advanced components and lightweight materials. In addition, GWS' products will expand the overall offering for Walter in North America.
Rick McIntyre, who will remain president of the Company, says: “We are excited to pair our North American manufacturing presence and commitment to service with the vast capabilities, resources and expertise of Walter. This is a big win for our customers, who have always been our most important stakeholder.”
GWS will continue operating as a standalone entity with its own salesforce and brand. The parties have agreed not to disclose the purchase price. The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.
GWS Tool Group is a North American-based, vertically integrated manufacturer of highly engineered custom, standard, and modified standard cutting tools. The group with headquarters in Florida, is currently owned by a private equity company and has about 500 employees. GWS Group was founded in 2014 as the start of the acquisitive journey from the foundation of the GW Schultz company founded in 1984. To date, these acquired entities include numerous industry-leading specialty manufacturers.
Walter was founded in 1919 and is now one of the world's leading metalworking companies. As a provider of specialized machining solutions, Walter offers a wide range of precision tools for milling, turning, drilling and threading applications. Walter works together with its customers to develop customized machining component solutions for use in the aviation and aerospace industries, as well as automotive, energy, and general engineering. With around 3 300 employees worldwide, together with its numerous subsidiaries and sales partners, Walter serves customers in over 80 different countries.