STOCKHOLM, Sweden, Aug. 9, 2002 (PRIMEZONE) -- Following the approval by the anti-trust authorities, Sandvik has now completed the acquisition of Valenite from Milacron Inc., USA. Consolidation will be from and including 12 August 2002.
Valenite is a leading supplier of highly engineered metalcutting tooling solutions to the North American market. The company, with about 1,300 employees, has its head office in Madison Heights, Michigan, USA, and manufacturing facilities in South Carolina, Michigan and Texas. Sales in 2001 amounted to approximately SEK 2,000 M (US $200 M).
As announced previously, the purchase price amounts to SEK 1,750 M (US $175 M). Goodwill is preliminarily estimated at approximately SEK 1,000 M (US $100 M). Valenite will operate as a separate sector within the Sandvik Tooling business area.
Sandviken, 9 August 2002
Sandvik AB; (publ)
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 37,000 employees in 130 countries, with annual sales of approximately SEK 52 billion.
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