Sandvik Completes the Acquisition of QCT's Division for Cutting Tools

STOCKHOLM, June 1, 2020 /PRNewswire/ -- Sandvik has completed the previously announced acquisition of the cutting tools division of QUIMMCO CENTRO TECNOLÓGICO (QCT), a privately owned Mexican company offering integral machining solutions.

In 2019, QCT's cutting tools division generated revenues of about 90 million SEK with 130 employees. The deal has a limited impact on earnings per share from the start.

QCT's cutting tool division will be part of Seco Tools, a division within Sandvik Machining Solutions.

Sandvik AB

Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and sustainability. We hold world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2019, the Group had approximately 40,000 employees and revenues of about 100 billion SEK in more than 160 countries within continuing operations.

For further information, contact Anna Vilogorac, Investor Relations, phone: +46-70-616-5019 or Martin Blomgren, Press and Media Relations Manager, phone: +46-70-577-0549.

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SOURCE Sandvik