Sandvik Coromant, Sandviken, Sweden, a division of Sandvik Machining Solutions, has reached an agreement to acquire privately owned US-based company Dura-Mill Inc, Malta, New York, USA, a manufacturer of precision solid carbide end mills. The acquisition is said to enhance Sandvik Coromant’s position and product offering in North America, primarily within the Aerospace segment.
Klas Forsström, President of Sandvik Machining Solutions, commented, “The acquisition is aligned with Sandvik Machining Solutions’ focus on growing the round tools business. Dura-Mill will add even stronger capabilities for managing customised end mills.”
“I am very pleased that we have reached an agreement to acquire Dura-Mill and make them part of Sandvik Coromant,” added Nadine Crauwels, President of Sandvik Coromant. “Dura-Mill is a world class manufacturer of solid round tools for the metalworking industry, serving industries like aerospace, automotive, power generation and medical. I am convinced that our combined knowledge in products and solutions will greatly benefit our customers.”
Richard Walrath, CEO and Founder of Dura-Mill, added, “We are extremely excited about our new association with Sandvik Coromant who, as a global leader in Advanced Engineered products with special emphasis on tools and tooling systems, can now provide Dura-Mill access to a number of resources commonly required to continue to develop and launch select type products targeting growth opportunities worldwide.”
In 2017, Dura-Mill reported revenues of $7.2 million. The transaction is expected to close before the end of 2018, with both parties having agreed not to disclose the purchase price.