Sandvik Coromant had a busy holiday season, completing a duo of high profile strategic acquisitions.
On the final day of 2020, Sandvik completed its previously announced acquisition of Irvine, Calif.-based CGTech, a global market leader in software for numerical control (NC/CNC) simulation, verification and optimization with its VeriCut software.
In 2019, CGTech had revenues of about CAN$73 million and around 180 employees. The deal will initially have a neutral impact on Sandvik’s earnings per share.
CGTech will be part of Sandvik Machining Solutions’ division Sandvik Coromant, within the business area of Sandvik Manufacturing and Machining Solutions.
Also in the final days of 2020, Sandvik completed its acquisition of the entire business of the Miranda Tools, a New Delhi, India-based manufacturer of high speed steel (HSS) and solid carbide round tools.
In 2019, Miranda Tools had revenues of about CAN$31 million and around 580 employees. The deal has a limited impact on Sandvik’s earnings per share.
The Miranda Tools’ business will be part of Sandvik Machining Solutions’ division Dormer Pramet, within the business area Sandvik Manufacturing and Machining Solutions.
Miranda Tools was established in 1945 and has two manufacturing plants in Ankleshwar in Gujarat in western India.