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Sandvik completed an agreement to acquire 100% of the equity interests in Sphinx Tools and its wholly-owned subsidiary, P. Rieger Werkzeugfabrik AG.
Sphinx Tools’ offering primarily consists of precision micro tools and surgical cutting tools, including applications in a variety of orthopedic procedures. The company will be reported within Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions.
Sphinx Tools enhances Sandvik Coromant’s product offering within solid round tools and is an established player in the adjacent surgical cutting tools market. The company is present in Europe with three production sites in Switzerland and has global distribution.
Sphinx Tools was founded in 1994, has 115 employees and is based in Switzerland. In 2021, the company generated revenues of approximately SEK 292 million (~USD $27.7 million). The parties have agreed not to disclose the purchase price.
“With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. 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.
“The acquisition of Sphinx Tools fits very well with our strategy to strengthen our position in round tools. With Sphinx Tools we will have the opportunity to take a global leading position in micro tools, a premium niche of round tools, expand our product portfolio and enter an adjacent area of surgical tools. We are very pleased to welcome Sphinx Tools to the Group,” said Nadine Crauwels, President of Sandvik Machining Solutions.
Source: Sandvik AB
