Sandvik consolidates Valenite as of 12 August 2002
Following the approval by the anti-trust authorities, Sandvik has now completed the acquisition of Valenite from Milacron Inc., USA.
Consolidation will be from and including 12 August 2002.
Valenite is a leading supplier of highly engineered metalcutting tooling solutions to the North American market. The company, with about 1,300 employees, has its head office in Madison Heights, Michigan, USA, and manufacturing facilities in South Carolina, Michigan and Texas. Sales in 2001 amounted to approximately SEK 2,000 M (USD 200 M).
As announced previously, the purchase price amounts to SEK 1,750 M (USD 175 M). Goodwill is preliminarily estimated at approximately SEK 1,000 M (USD 100 M). Valenite will operate as a separate sector within the Sandvik Tooling business area.
Sandviken, 9 August 2002
Sandvik AB; (publ)