Mine equipment manufacturer Sandvik has completed the acquisition of the US-based GWS Tool Group from its owners, L Squared Capital Partners.
Sandvik described GWS Tool Group as "an established and fast-growing provider of made-to-order round tools with a large exposure to the general engineering and aerospace segments."
It predicted that GWS Tool Group's revenues to be SEK 875 million ($96.1 million) in 2021. The newly acquired company will be reported in Walter, a Sandvik Manufacturing and Machining Solutions division.
The deal was previously announced in November when Sandvik explained that GWS' strong US operational presence and speed to market capabilities would improve Walter's value proposition and position in manufacturing advanced components and lightweight materials.
Stefan Wilding, chief executive officer and president of Sandvik, described the acquisition of GWS as "an important step" in its growth strategy in North America.
