STOCKHOLM, Sweden, Feb. 19, 2002 (PRIMEZONE) -- Sandvik has reached an agreement with the principal owner of Walter AG regarding completion of the acquisition. This means that Sandvik will own slightly more than 60% of the shares in Walter AG and consolidation will be effective from 25 February. The parties have agreed not to disclose the purchase price.
Walter AG's operations include tools for metalworking, software systems for tool-management and numerically controlled grinding machines. The company's preliminary sales for 2001 total approximately EUR 295 M and operating profit about EUR 37 M. The company has slightly more than 2,000 employees and its head office is located in Tubingen, Germany.
The acquisition is expected to have a positive effect on Group earnings within a year.
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Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The Group has 35,000 employees in 130 countries, with annual sales of approximately SEK 50 billion.