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Sandvik division acquires US company Melin Tool

Walter AG, a division of Sandvik Machining Solutions AB, acquired the U.S.-based solid carbide toolmaker Melin Tool Co. Inc.

In a Jan. 2 statement, Walter said it closed the deal Dec. 31, 2019, with both parties agreeing to withhold the purchase price.

Sandvik AB, the Swedish parent company of Sandvik Machining Solutions, said the deal will not affect its earnings per share.

In the year ended September 2019, Melin Tool Co. generated $22 million in revenue and had 100 employees.