Sandvik Acquires Remaining Precorp Shares
The acquisition will promote Sandvik’s growth in the aerospace industry.
Sandvik Coromant’s parent company, Sandvik AB of Sandviken, Sweden, has agreed to acquire the remaining 51 percent of shares in Precorp of Spanish Fork, Utah. Upon completion of the acquisition, Precorp will be consolidated into Sandvik Machining Solutions. Sandvik has been the minority share owner of Precorp with 49 percent of shares since 2008.
Precorp, founded in 1986, offers a full line of polycrystalline diamond (PCD) and carbide tools including drills, reamers, end mills and micro tools, among others. The company serves customers worldwide primarily within the aerospace and automotive industries. The acquisition will promote Sandvik’s growth in the aerospace segment while strengthening business for special diamond and cemented carbide cutting tools.