A pair of Japanese cutting tool makers — and Berkshire Hathaway companies — announced plans to merge at the beginning of next year.
Tungaloy Corp. and NTK Cutting Tools will operate under the Tungaloy name with NTK as a “dedicated division” and brand within the business, officials said. Both companies are part of IMC Group, a collection of metalworking companies owned by the Berkshire Hathaway conglomerate.
Officials said the move would combine Tungaloy’s broad cutting tool portfolio and R&D capabilities with NTK’s ceramic cutting tool technology and miniature lines. Customers and distributor partners, they added, would benefit from a “broader range of technologies, application expertise and industry knowledge to support manufacturers worldwide.”
The combination is slated to take effect Jan. 1, subject to compliance with “applicable legal and regulatory requirements.” Terms of the deal were not disclosed.
The companies also said in the announcement that they plan to build a new headquarters and “state-of-the-art” manufacturing facility for NTK near its Nagoya-area home.
Tungaloy, which traces its roots to 1929, says it is one of the world’s leading manufacturers of carbide cutting tools, friction materials, wear-resistant products and civil engineering products. NTK says it has been a leader in ceramic tooling since 1958.
