Japan’s Kyocera Corporation has announced that it will acquire 100% ownership of US based SGS Tool Company as of May 2, 2016. The company, based in Munroe Falls, Ohio, will be renamed Kyocera SGS Precision Tools, Inc. Following the purchase, Kyocera plans to more than double its cutting tool sales in North America by 2019.
By incorporating SGS Tool into the Kyocera Group, Kyocera plans to create a business structure capable of providing total solutions and strengthen its business globally as a comprehensive cutting tool manufacturer.
The Kyocera Corp. is the parent and global headquarters of the Kyocera Group, and was founded in 1959 as a producer of fine ceramics. Since combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of cutting tools, industrial ceramics, solar power generating systems, mobile phones, printers, copiers, electronic components and semiconductor packages. During the year ended March 31, 2015, the company’s net sales totalled around $12.7 billion.