Walter has signed an agreement to acquire GWS Tool Group, which manufactures solid carbide endmills and drills as well as HSS taps and PCD products.
GWS is focused on highly engineered customized cutting tools for the US market. The company has a strong focus on the aerospace industry and provides a complementary product portfolio. The acquisition is a strategic opportunity to increase Walter’s and GWS’ position in the manufacturing of advanced components and lightweight materials, the companies say. The acquisition supports Walter’s growth strategy in North America, expanding Walter’s overall offering.
“I am very pleased that we have reached an agreement to acquire GWS, as it will significantly increase our presence in the US and strengthen our solid carbide tools offer in this key market,” said Richard Harris, president of Walter.
“We are excited to pair our North American manufacturing presence and commitment to service with the vast capabilities, resources and expertise of Walter,” said GWS president Rick McIntyre. “This is a big win for our customers, who have always been our most important stakeholder.” McIntyre will stay on as president of GWS.
GWS will continue operating as a standalone entity with its own salesforce and brand. The parties have agreed not to disclose the purchase price. The transaction is expected to close during the fourth quarter of 2021 subject to regulatory approvals.