Sandvik Machining Solutions’ Dormer Pramet division has reached an agreement to purchase Miranda Tools from Ashok Piramal Group.
Sandvik, which made the announcement in a June 18 news release, didn’t disclose financial terms of the transaction, but said it would be complete sometime this quarter.
Miranda, based in India, has a product range that comprises high speed steel and carbide round tools.
Stefan Steenstrup, Dormer Pramet’s president, said the acquisition would grow the company’s long-term production capacity, which currently stands at 22.5mn drilling inserts. Last year, Miranda had $21 million in revenues.
The Sandvik Group has divested its non-core operations globally, such as Varel, a drilling and completions company, Sandvik Sorting Systems, and Sandvik Medical Solutions, in recent years. Now it’s using the capital raised from those sales to acquire cutting tools companies, which have become Sandvik’s core production focus.
In January, the firm announced it might cease operating Walter, a precision tool manufacturing company it owns in Frankfurt. Some of Sandvik’s other acquisitions this year include Summermill Tube, Thermaltek, Melin Tool, and Quimmo’s cutting tools division in Mexico.