Ceratizit, the Plansee Group’s carbide specialist division, has acquired a majority interest in Promax Tools L.P, a tool manufacturer based in Rancho Cordova, California, USA.
Promax Tools L.P, located some 150 km north-east of San Francisco, is a specialist manufacturer of carbide drills and cutting tools with 70 employees. Ceratizit’s acquisition of 80% of the company’s shares was completed on April 11, 2014 with both parties agreeing not to disclose any financial details of the transaction.
“This acquisition further consolidates our position in the carbide tool sector, both in the United States and worldwide,” stated Ceratizit Co-CEO Jacques Lanners. Ceratizit had already acquired an interest in German tool manufacturer Günther Wirth back in 2012, putting the Group in a position to cover every stage of the production process from powder to tool blanks and custom-made coated round tools such as drills and cutting tools.
The Promax customer base includes end customers from the Californian aviation industry and a range of commercial enterprises active throughout the United States. Nancy Owens, President of Promax Tools stated, “In Ceratizit, we have gained a partner with a well-established profile in the States and a long-standing reputation for innovation and product quality.”