PR Newswire | Oct 5, 2021 07:19AM EDT

10/05 06:18 CDT

Sandvik has acquired the medical wire forming company Accuratech Group SANDVIKEN, Sweden, Oct. 5, 2021

SANDVIKEN, Sweden, Oct. 5, 2021 /PRNewswire/ -- Sandvik has acquired the Swiss based company Accuratech Group, a niched medical wire forming and component manufacturer. The product offering includes ultra-fine wires and micro-tubes, semi-finished wire components, electroplating and other products and services mainly used for the medical industry. The company will be reported in Kanthal, a division in Sandvik Materials Technology.

"I am pleased that we are continuing to execute on our shift to growth strategy. This acquisition is an important step for Sandvik Materials Technology in the preparations to become a separately listed company. With its increased focus on areas with high growth and strong earnings potential, Sandvik Materials Technology is strengthening their position for the future", says Stefan Widing, President and CEO of Sandvik.

"The medical sector is one of Sandvik Materials Technology's defined areas of growth, and through this acquisition we are strengthening our position by adding wire forming and component manufacturing capabilities. The geographical footprint of Accuratech will increase our ability to support our customers in EMEA", says Gran Bjrkman, President of Sandvik Materials Technology.

Accuratech Group is headquartered in Burgdorf, Switzerland and conducts its business through three entities; Polyfil AG, Galvarex S.A and Polyflex s.r.l., with around 50 employees. In 2020 Accuratech Group had revenues of approximately SEK 75 million, with an EBIT margin neutral to Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. Impact on Sandvik's earnings per share will initially be neutral.

Sandvik AB

For further information, contact Louise Tjeder, Vice President Investor Relations, phone: +46 70 782 6374 or Johannes Hellstrm, Press and Media Relations Manager, phone: +46 70 721 1008.

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SOURCE Sandvik