Sandvik AB, Stockholm, Sweden, has signed an agreement to acquire the Polish company Fabryka Narzędzi Fanar SA, a manufacturer of round tools. The company will be reported on in Seco, a division within the business area of Sandvik Manufacturing and Machining Solutions.
“We continue to execute on our growth strategy and this acquisition is an additional step to strenghten our round tools offering,” stated Stefan Widing, president and CEO of Sandvik.
The acquisition enhances Seco’s product offering in taps and solid threading applications, leveraging the growing market for round tools to improve Sandvik’s presence in Poland.
“I am very pleased that we have reached an agreement to acquire Fanar; it will enhance our presence in the important Polish market and strengthen our exposure to our focused segments,” added Nadine Crauwels, president of the business area segment Sandvik Machining Solutions.
Fanar, headquartered outside Warsaw, was established in 1966 and has 230 employees. In 2020, the company reported revenues of about SEK 175 million.
The purchase will have a limited impact on Sandvik’s earnings per share. The parties have agreed not to disclose the purchase price.
The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.