Sandvik AB, Stockholm, Sweden, has signed an agreement to acquire 100% of the equity interests of the Portugal-based company Frezigest, SGPS (Frezite). Frezite’s offering primarily consists of made-to-order polycrystalline diamond (PCD) tools for metal and wood applications. The company will be reported within Walter, a division within Sandvik Manufacturing and Machining Solutions.
“With the acquisition of Frezite, we take another important step in our shift to growth strategy,” stated Stefan Widing, CEO and president of Sandvik. “We have a clear ambition for our machining solutions business to increase our presence and strengthen our expertise in PCD tooling for lightweight materials.”
Frezite is expected to enhance Walter’s product offering within PCD aluminium products. The company is present in Europe, Mexico and Brazil, and, with its speed-to-market capabilities, it improves Walter’s value proposition and position as a manufacturer of advanced components in lightweight materials. Frezite’s competence and offering of clamping and fixtures solutions will allow Walter to offer turnkey solutions which imply interaction earlier in the customer’s value chain. In addition, Frezite adds adjacent revenue potential for Walter in the premium wood and composite segment.
Nadine Crauwels, president of Sandvik Machining Solutions, added, “Frezite provides complementary production capabilities and competence and reinforces our position in the electric and hybrid automotive market. With its solid position within custom PCD tools and competence within interesting adjacent fields, we are very pleased to welcome Frezite to the Group.”