Sandvik completes acquisition of Peterson Tool Company
July 20, 2022
Sandvik AB, headquartered in Stockholm, Sweden, has announced that it has completed its acquisition of Peterson Tool Company, Inc., (PTC), Nashville, Tennessee, USA, a leading supplier of machine-specific custom insert tooling solutions. The company will be reported in the GWS Tool business unit in Walter, a division within the business area of Sandvik Manufacturing and Machining Solutions.
PTC’s product offering includes custom carbide form inserts for high-production turning and grooving applications, primarily within the general engineering and automotive segments. The company has a department dedicated to designing and manufacturing HSS, carbide tipped, and solid carbide tools.
PTC is reported to be a recognised worldwide leader in special cutting tool solutions, primarily for the automatic screw machine market, whether it be multi-spindle or single spindle. In 2021, the company reported revenues of $9 million.
