Sandvik AB, Stockholm, Sweden, has acquired Thermaltek Inc., headquartered in Concord, North Carolina, USA, a privately-owned manufacturer of high-temperature furnace systems and metallic heating elements.
Thermaltek generated revenues of $13 millionin the twelve-month period ending September 2019. The company has thirty employees and is said to have a strong sales network in North America.
Sandvik states that the transaction is closed and Thermaltek will be reported as part of its Kanthal division, within Sandvik Materials Technology, but will continue to market under its own brand. The parties have agreed not to disclose the purchase price.
“Through this acquisition we add further strength to our leading position in industrial heating, a strategically important growth area for our Kanthal division within Sandvik Materials Technology,” stated Göran Björkman, President, Sandvik Materials Technology.
Nicklas Nilsson, Vice President, Kanthal, commented, “This acquisition is yet another important step for Kanthal to expand its global offering of sustainable industrial heating. I am pleased to welcome all employees at Thermaltek into the Kanthal family.”