Sandvik AB, Stockholm, Sweden, reports that Dormer Pramet, a division within Sandvik Machining Solutions, is to acquire the entire business of India-based Miranda Tools, a manufacturer of High-Speed Steel and solid carbide round tools.
The acquisition is said to enhance Dormer Pramet’s product offering and facilitate an improved presence in key markets such as India, China and Southeast Asia.
“The acquisition is aligned with Sandvik Machining Solutions’ focus on strengthening our round tools offer whilst also adding greater production capacity and flexibility to support long-term growth,” stated Lars Bergström, President of Sandvik Machining Solutions.
In 2019, Miranda Tools reported revenues of approximately 200 million SEK with around 580 employees.
Stefan Steenstrup, President of Dormer Pramet, commented, “I am very pleased that we have reached an agreement to acquire the business of Miranda Tools, which will further enhance Dormer Pramet’s position as one of the leading suppliers of cutting tools for the general engineering and component manufacturing industries.”
The transaction is expected to close during the third quarter of 2020, subject to relevant regulatory approvals. According to Sandvik, the parties have agreed not to disclose the purchase price.