Sandvik to acquire Nashville-based Peterson Tool Company
Sandvik, a Swedish engineering firm, has agreed to acquire the assets of Peterson Tool Company, a US-based supplier of machine-specific custom insert tooling solutions, for an undisclosed price.
Peterson Tool Company’s products include custom carbide form inserts that are used in high-production turning and grooving applications, mainly within the automotive and general engineering segments.
It will operate under the GWS Tool business unit in Walter, a division within the Sandvik Manufacturing and Machining Solutions business area.
Nadine Crauwels — President of Sandvik Machining Solutions said: “I am pleased that we continue to execute on our shift to growth strategy by expanding our offering towards the important general engineering and automotive segments. Peterson Tool Company adds to the GWS’ solid position within custom cemented carbide solutions and is a great fit for our business area.”
Headquartered in Nashville, Peterson Tool Company has a workforce of 73 people. Its last year’s revenues were $9 million.
Stefan Widing — Sandvik CEO and President said: “The acquisition of Peterson Tool Company is well aligned with the shift to growth strategy to enhance our presence in the North American market and continuing GWS’ strong track record of growth.”
The deal is likely to be wrapped up during Q2 or Q3 of this year.