Mine equipment manufacturer Sandvik has agreed to acquire US-based GWS Tool Intermediate Holdings (GWS), a provider of made-to-order round cutting tools to the general engineering industry, to improve its position in the advanced components sector.

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.

The acquisition will be reported in Sandvik's Walter division, an area of its Manufacturing and Machining Solutions segment. Financial details of the deal were not disclosed.

The company 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.

Nadine Crauwels, president of Sandvik Machining Solutions, said GWS would offer "complementary production capabilities" and strengthen the company's foothold in the general engineering space.

"We are pleased to add the GWS product portfolio to our existing US offering and become a one-stop-shop for round tools for our North American customers," Crauwels said.

"With its solid position within custom round tools and strong customer focus, GWS is a great fit for Sandvik Machining Solutions."