Seco Tools has signed an agreement to acquire the American companies NC Industries (NCI) and Diamond Tool Coating (DTC).
NCI is a producer of solid carbide end mills under the Niagara Cutters and Arch Micro Tools brands and is among the largest local producers in the USA of these products. DTC is a producer of wear resistant diamond coatings. Most of the customers are found in the aircraft and power generation industries, as well as the general engineering industry.
NCI and DTC have combined annual sales of around USD 37 million and 170 employees. The largest production unit is located in Reynoldsville, PA. Sherwood Bollier will remain as President of NCI and DTC after the acquisition and both companies will continue as separate entities in order to ensure continuity in operations.
The acquisition is planned for completion before the end of the year.
“The end mill product area is regarded as strategically important, among other things for high-speed machining capability and the ability to close tolerance requirements. The acquisitions will strengthen Seco Tools’ position and market share in this segment in general and the important US market in particular,” says Kai Wärn, President and CEO of Seco Tools.
Fagersta, 20 December 2010
SECO TOOLS AB (publ)
The information was submitted for publication on 20 December 2010, 09.00 CET.
For additional information contact Kai Wärn, President and CEO, telephone +46 223-401 10 or Patrik Johnson, CFO, telephone +46 223-401 20. E-mail can be sent to email@example.com.
Previously published information can be found under the heading “About Seco & Investor Relations” on Seco Tools’ website (www.secotools.com). Seco Tools AB’s corporate registration number is 556071-1060 and the company’s address is Seco Tools AB, SE-737 82 Fagersta, Sweden. The telephone number to the Group head office is +46 223-400 00.