Sandvik AB said on Monday it had signed and completed an agreement to buy 100% of the equity interests in Swiss firm Sphinx Tools Ltd and its wholly owned subsidiary P. Rieger Werkzeugfabrik AG.
Founded in 1994 and having nearly 115 employees, Sphinx Tools will be reported within Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions.
Sphinx Tools’ offering mostly includes precision solid round tools (micro tools) and surgical cutting tools, while its customers operate mostly within the automotive, aerospace and medical industries.
“With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high growth area of micro tools,” Stefan Widing, Chief Executive Officer and President of Sandvik, said in a press release.
“With Sphinx Tools we will have the opportunity to take a global leading position in micro tools, a premium niche of round tools, expand our product portfolio and enter an adjacent area of surgical tools. We are very pleased to welcome Sphinx Tools to the Group,” Nadine Crauwels, President of Sandvik Machining Solutions, said in a press release.