Sandvik Hard Materials acquires Technical Tooling
Sandvik has signed an agreement to acquire Technical Tooling, Inc (TTI) from the US industrial corporation Federal Signal, which is listed on the New York Stock Exchange.
With solid profitability and annual sales of USD 7 M, TTI is the market leader in precision tooling for beverage can manufacturing in the United States. The company is based in Minneapolis and its customers are large global food packaging groups.
TTI will be integrated with Sandvik Hard Materials, a product area within the Sandvik Tooling business area.
"Already the market leader for can tools in Europe, Sandvik will now become the leading company worldwide for these applications," says Tom Erixon, President of Sandvik Hard Materials. "At the same time, service to the global customer base will be greatly enhanced, with strong production and application capabilities, both in Europe and in the US."
The intention is to change the TTI brand to Sandvik Hard Materials to facilitate a common global approach to the customer offering. In addition, TTI will serve as an expansion base in NAFTA for Sandvik Hard Materials' other precision ground tools, such as rotary cutters.
Sandviken, 6 December 2004
Sandvik AB; (publ)