Günther Wirth specialises in the production of rotary cutting tools from hardmetal. The Wirth Group was founded in 1981, and besides the parent plant in Swabian Balzheim, includes production sites in France, India, USA and Italy. The family owned company employs around 500 people and is one of the leading manufacturers of rotating cutting tools such as drills, end mills, reamers and rods.
“With this acquisition, we will be able to cover the whole value chain in hardmetal production – from powder, to tool blanks to custom-made and coated round tools such as drills and end mills,” stated Jacques Lanners, Representative of the CERATIZIT Executive Board. In the future, GW will be incorporated into the CERATIZIT Group as a global business unit, and will remain as a brand.
“The GW brand is superbly positioned in the case of end users and dealers – in Europe and in the USA and India. As a part of the CERATIZIT Group we want to develop this offering worldwide”, stated company founder Günther Wirth. CERATIZIT and GW have worked closely together for many years and have already cooperated in the manufacture of blanks and finished tools.
The transaction is expected to be completed, subject to the finalisation of the due diligence and the approval by the anti-trust authorities, by the end of 2012. CERATIZIT and the current shareholders around the company’s founder Wirth will each hold 50% of the GW company after the transaction is finalised. Both private companies have agreed not to disclose any financial details.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]