Sandvik Machining’s Dormer Pramet to acquire Miranda Tools

Dormer Pramet, a unit of Sandvik Machining Solutions, has agreed to acquire the entire business of India-based Miranda Tools, which comprises manufacture of high speed steel and solid carbide round tools.

The acquisition is said to improve the product offering of Dormer Pramet and is said to enable an improved footprint in major markets like India, China, and Southeast Asia.

Lars Bergström – President of Sandvik Machining Solutions said: “The acquisition is aligned with Sandvik Machining Solutions’ focus on strengthening our round tools offer whilst also adding greater production capacity and flexibility to support long-term growth.”

Last year, Miranda Tools had revenues of around SEK 200 million and had nearly 580 employees.

The parties did not reveal the purchase price and are expected to close the deal during Q3 2020, subject to relevant regulatory approvals.

Stefan Steenstrup – President of Dormer Pramet said: “I am very pleased that we have reached an agreement to acquire the business of Miranda Tools, which will further enhance Dormer Pramet’s position as one of the leading suppliers of cutting tools for the general engineering and component manufacturing industries.”