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Sweden's Sandvik acquires US aerospace round tool maker

Sweden-based Sandvik AB has acquired Wetmore Tool & Engineering Inc., a U.S.-based manufacturer of round tools for the aerospace sector.

The companies did not disclose the financial terms of the deal, which was simultaneously signed and closed.

Sandvik made the acquisition through Dormer Pramet, a division within Sandvik Machining Solutions. The deal, which is immediately accretive to earnings per share, not only expands Dormer Pramet's range of round tools but also facilitates an improved position in key aerospace markets such as the U.S. and U.K.

Wetmore Tool & Engineering generated about 160 million Swedish kronor in revenue in 2017.

Sandvik is an engineering group operating in mining and rock excavation, metal-cutting and materials technology.

As of Jan. 9, US$1 was equivalent to 8.89 Swedish kronor.