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Sandvik to acquire precision tube manufacturer, cutting tools business

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Sandvik to acquire precision tube manufacturer, cutting tools business

Sandvik AB agreed to acquire Summerill Tube Corp., a U.S-based privately owned high precision tubes manufacturer.

Summerill Tube will merge into Sandvik's tube business, helping expand the company's footprint in the U.S. The deal is expected to close in early January 2020, subject to customary closing conditions.

Separately, Sandvik's Seco Tools unit agreed to acquire the cutting tools business of Quimmco Centro Tecnológico SA De CV.

The deal is in line with the company's long-term growth strategy, Sandvik Machining Solutions President Lars Bergström said. The transaction is projected to close no later than the second quarter of 2020, subject to customary approvals.

Both the agreements will have limited impact on earnings.