Sandvik Tooling, a subsidiary of Sandvik AB, is to acquire the former GE Surperabrasives Division.
The development follows agreement with American private equity company Littlejohn & Co LLC to acquire Diamond Innovations Inc, US, formerly the Superabrasives Division of General Electric. The acquisition is expected to be completed during the first quarter of this year.
Diamond Innovations is a world-leading company in the development and production of synthetic diamond and cubic boron nitride (CBN) products.
Annual sales for the company are put at in excess of SEK1,000 million (£72 million), and it has about 600 employees. Diamond Innovations’ head office and largest production unit is located in Worthington, Ohio in the US. There are also units in Florida in the US, in Ireland and in Hong Kong.
The company has a global presence, with sales equally distributed between the Americas, Europe and Asia.
“Today, Sandvik holds a world-leading position in advanced applications based on materials technology. Diamond and CBN are the hardest materials known to mankind and therefore provide unique solutions for wear demanding applications,” said Anders Thelin, President of Sandvik Tooling. “This acquisition complements our current offering in areas with high growth and our intention is to continue developing the existing business. Moreover, it provides the potential for further development of new solutions, especially for Sandvik Mining and Construction.”
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