Sandvik completes acquisition of round tools company Fanar
November 2, 2021
Sandvik AB, Stockholm, Sweden, reports that it has completed the previously announced acquisition of the Polish company Fabryka Narzędzi Fanar SA, a manufacturer of round tools. The company will become part of Seco, a division within the business area of Sandvik Manufacturing and Machining Solutions.
Fanar will report to Seco, but will continue to sell its products under the Fanar brand while strengthening the position of Seco and growth ambitions on the Polish market. The product offering from Fanar covers an extensive range of high-performance taps and other threading products as well as solid carbide drills and end mills.
“I am very pleased that we now can strengthen our competence and experience within threading products and solutions,” stated Oskar Edqvist, VP Strategy & Product Management. “The fact that Fanar will become a part of the Seco Family will enhance our presence in the important Polish market and will create a platform to further grow business in the region.”
Fanar was established in 1966 and has 230 employees. In 2020, the company reported revenues of approximately SEK 175 million.
Stefan Steenstrup, president Seco, commented, “It feels great to extend the Seco Family with the coworkers of Fanar. I would like to take this opportunity to welcome them all to the Seco Family.”