Sweden’s Sandvik AB has completed the previously announced acquisition of the entire business of India-based Miranda Tools, a manufacturer of High-Speed Steel and solid carbide round tools.
The Miranda Tools’ business will be part of Sandvik Machining Solutions’ division Dormer Pramet, within the business area Sandvik Manufacturing and Machining Solutions.
In 2019, Miranda Tools reported revenues of approximately 200 million SEK with around 580 employees. The deal is said to have a limited impact on Sandvik’s earnings per share.
The acquisition is expected to enhance Dormer Pramet’s product offering and facilitate an improved presence in key markets such as India, China and Southeast Asia.