Sandvik has signed an agreement to acquire US-based company Peterson Tool.

According to Sandvik, Peterson, headquartered in Nashville, USA, makes machine-specific custom insert tools. These include custom carbide form inserts for high-production turning and grooving applications for the engineering and automotive industries. The company has 73 employees and its 2021 revenues were US$9 million.
The acquired company will become part of the company’s GWS Tool business unit.

“The acquisition of Peterson Tool Company is well aligned with the shift to growth strategy to enhance our presence in the North American market and continuing GWS’ strong track record of growth,” said Stefan Widing, CEO and president.

The transaction is expected to close during the second or third quarter of 2022.