Sandvik to acquire Portuguese tool manufacturer Frezite
Swedish engineering company Sandvik has agreed to acquire Frezigest, SGPS (Frezite), a Portuguese tool manufacturer, for an undisclosed price.
Frezite offers customized and standard cutting solutions to wood, plastics, and composite materials.
Its offering mainly consists customized polycrystalline diamond (PCD) tools for metal and wood applications, with exposure to the general engineering, automotive, and aerospace segments.
Frezite will come under the Walter division of Sandvik Manufacturing and Machining Solutions.
Stefan Widing — Sandvik CEO and President said: “With the acquisition of Frezite, we take another important step in our shift to growth strategy. We have a clear ambition for our machining solutions business to increase our presence and strengthen our expertise in PCD tooling for lightweight materials.”
Frezite is expected to improve the product offering of Walter within PCD aluminum products. The Portuguese company has a footprint in Europe, Brazil, and Mexico.
Its speed to market capabilities will boost the value proposition and position of Walter as a manufacturer of advanced components in lightweight materials, said Sandvik.
Furthermore, Frezite’s ability and offering of clamping and fixtures solutions will enable Walter to provide turnkey solutions. Additionally, Frezite will bring adjacent revenue potential in the premium wood and composite segment for Walter.
Nadine Crauwels — Sandvik Machining Solutions President said: “Frezite provides complementary production capabilities and competence and reinforces our position in the electric and hybrid automotive market. With its solid position within custom PCD tools and competence within interesting adjacent fields, we are very pleased to welcome Frezite to the Group.”
The deal, which is subject to customary closing conditions, is likely to be wrapped up during Q3 2022.