Global Tungsten & Powders (GTP), the tungsten powders division of Plansee Group, has announced the acquisition of Tikomet Oy. Tikomet is one of the leading producers of reclaimed hardmetal powders.
“The acquisition of Tikomet is a perfect strategic fit for us and increases the products that GTP can provide its customers,” stated Dr Andreas Lackner, President and CEO of Global Tungsten & Powders Corp. While GTP uses a chemical recycling process of hardmetal, Tikomet has developed a recycling technology based on the zinc recycling process, which is economical and environmentally friendly.
Tikomet is located in Jyväskylä, 270 kilometers north of Helsinki, Finland, and has some 40 employees. The acquisition by GTP was signed on June 12th. The transaction is pending approval of the relevant authorities, financial details were not disclosed.
As an independent supplier to the hardmetal industry and its state-of-the-art production facility and strong R&D capabilities, Tikomet has expanded the use of zinc reclaim powders into new applications resulting in strong market growth. “This transaction enables us to carry out the next step in our long term strategy: to be able to better serve our customers globally,” added Dr Matti Kurkela, Managing Director of Tikomet.
Global Tungsten & Powders, headquartered in Towanda, Pennsylvania, is one of the largest processors of tungsten raw materials in the western world with its history dating back to 1916. Pure tungsten, tungsten carbide and GTP’s tungsten-based, ready-to-press tungsten powders are indispensable components of many products.