PR Newswire | Jul 15, 2021 08:37AM EDT

07/15 07:34 CDT

Sandvik to acquire the Polish round tools company Fanar SANDVIKEN, Sweden, July 15, 2021

SANDVIKEN, Sweden, July 15, 2021 /PRNewswire/ -- Sandvik has signed an agreement to acquire the Polish company Fabryka Narz?dzi FANAR S.A. (Fanar), a manufacturer of round tools. The company will be reported in Seco, a division within the business area Sandvik Manufacturing and Machining Solutions.

"We continue to execute on our growth strategy and this acquisition is an additional step to strenghten our round tools offering" says Stefan Widing, President and CEO of Sandvik.

The acquisition enhances Seco's product offering in taps and solid threading applications and improves the presence in Poland and the growing market for round tools.

"I am very pleased that we have reached an agreement to acquire Fanar, it will enhance our presence in the important Polish market and strengthen our exposure to our focused segments" says Nadine Crauwels, President of business area segment Sandvik Machining Solutions.

Fanar was established in 1966, is headquartered outside Warsaw and has 230 employees. In 2020, Fanar had revenues of about SEK 175 million. Impact on Sandvik's earnings per share will be limited. The parties have agreed not to disclose the purchase price.

The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellstrm, Press and Media Relations Manager, phone: +46 (0) 70721 1008.

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SOURCE Sandvik