Sandvik acquires US based Wetmore Tool & Engineering
Dormer Pramet, a division within Sandvik Machining Solutions, has acquired the US based company Wetmore Tool & Engineering, a manufacturer of round tools specialized for the aerospace industry. The acquisition not only expands Dormer Pramet’s range of round tools but it also facilitates an improved position in key aerospace markets such as the United States, United Kingdom etc.
“The acquisition is aligned with Sandvik Machining Solutions’ growth strategy. Wetmore Tool & Engineering will add competence in application areas that complements our existing offering in round tools”, says Klas Forsström, President of Sandvik Machining Solutions.
“I am very pleased that we have acquired Wetmore Tool & Engineering as they are a leader in air frame hole making, and this acquisition enhances our position as a one-stop-shop”, says Stefan Steenstrup, President of Dormer Pramet.
In 2017 Wetmore Tool & Engineering generated revenues of about 160 million SEK and had 170 employees.
The parties have agreed not to disclose the purchase price and the transaction was simultaneously signed and closed. The deal is accretive to earnings per share from the start.
Stockholm, 9 January 2019
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46 8 456 14 94 or Martin Blomgren, Press and Media Relations Manager, phone: +46 70 577 0549.