Cutting tool maker OSG Corp. has announced the acquisition of three European companies in an effort to expand its product mix and share of the growing electric vehicle (EV) sector.
At the end of 2019, OSG acquired a pair of German companies – cutting tool manufacturer Bass and the cold forming business of machine tool manufacturer MAG.
Bass designs and manufactures special tools with expedited delivery lead times, and is a major tooling provider for leading European automakers, with more than 50 per cent of its sales taking place in Germany.
MAG’s tool business includes rolling dies and tool manufacturing machinery. The company specializes in tools for automobile drive shafts that deliver power to the wheels. Steady demand is expected, as these drive shafts are critical components in EV design.
In September 2019, OSG acquired diamond tool manufacturer Fiudi, which is based in Italy. OSG said in a release it expects demand for diamond tools to grow, as they are commonly used in the finishing process of metals.
For more information, visit www.osgtool.com