Sandvik has agreed to purchase 100% of Switzerland-based Sphinx Tools Ltd and its subsidiary P Rieger Werkzeugfabrik AG.

Sphinx Tools, founded in 1994, makes solid round tools and surgical cutting tools for the automotive, aerospace and medical industries in three production sites in Switzerland. In 2021, the company generated revenues of approximately 292 MSEK. The EBITA margin is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik’s earnings per share will be limited, yet slightly positive. The parties have agreed not to disclose the purchase price.

After the acquisition, the company will become part of Sandvik Coromant.

“Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high growth area of micro tools,” said Stefan Widing, CEO and president of Sandvik.