Sandvik Acquires Miranda Tools's Business

Dormer Pramet, a division within Sandvik Machining Solutions, has reached an agreement to acquire the entire business of the Indian company Miranda Tools, comprising manufacture of High-Speed Steel and solid carbide round tools. “The acquisition is aligned with Sandvik Machining Solutions’ focus on strengthening our round tools offer whilst also adding greater production capacity and flexibility to support long-term growth,” says Lars Bergström, President, Sandvik Machining Solutions. The acquisition enhances Dormer Pramet’s product offering and facilitates an improved presence in key markets such as India, China and Southeast Asia. 

In 2019, Miranda Tools had revenues of about 200 million SEK and around 580 employees. The parties have agreed not to disclose the purchase price. The transaction is expected to close during the third quarter of 2020 with limited impact on Sandvik’s earnings per share and is subject to relevant regulatory approvals.

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