Apr 21 2008
Sandvik has reached an agreement with the major shareholders of the Norwegian company Teeness ASA to acquire 92.55% of the shares in the company. The acquisition price amounts to approximately SEK 197 per share (NOK 166) or a total of about SEK 240 M. Sandvik intends to acquire all shares in the company and will make the same offer to the remaining shareholders.
Based in Trondheim, Norway, Teeness is market-leading in the development and production of anti-vibration tools under the registered trademark Silent Tools®. Anti-vibration tools enhance customers’ productivity and provide technological advantages when machining complex workpieces. Currently, Sandvik Coromant is the exclusive sales channel for these products. Anti-vibration tools are also becoming an increasingly important part of Sandvik Coromant’s product portfolio.
The acquisition secures long-term stable ownership of Teeness and offers opportunities for larger investments in research, product development and production of anti-vibration tools. In turn, this will strengthen Sandvik’s total customer offering and growth possibilities.
In 2007, Teeness had sales of approximately SEK 200 M, with 105 employees. The company will be consolidated in the Sandvik Tooling business area from the closing date of the acquisition.
“The acquisition is in line with Sandvik’s long-term strategy for profitable growth. Through the acquisition, we intend to further develop and strengthen the global business for these products, particularly in the rapidly growing aerospace and energy segments,” says Anders Thelin, President of Sandvik Tooling.
Morten Midjo will continue to serve as President of Teeness.
The acquisition is expected to be concluded by the end of May 2008.
Posted April 21st,2008