Sandvik to acquire the Polish round tools company Fanar
Sandvik has signed an agreement to acquire the Polish company Fabryka Narzędzi FANAR S.A. (Fanar), a manufacturer of round tools. The company will be reported in Seco, a division within the business area Sandvik Manufacturing and Machining Solutions.
“We continue to execute on our growth strategy and this acquisition is an additional step to strenghten our round tools offering” says Stefan Widing, President and CEO of Sandvik.
The acquisition enhances Seco’s product offering in taps and solid threading applications and improves the presence in Poland and the growing market for round tools.
“I am very pleased that we have reached an agreement to acquire Fanar, it will enhance our presence in the important Polish market and strengthen our exposure to our focused segments” says Nadine Crauwels, President of business area segment Sandvik Machining Solutions.
Fanar was established in 1966, is headquartered outside Warsaw and has 230 employees. In 2020, Fanar had revenues of about SEK 175 million. Impact on Sandvik’s earnings per share will be limited. The parties have agreed not to disclose the purchase price.
The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.
Stockholm, July 15 2021
Sandvik AB
For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.
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Sandvik Group
Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and sustainability. We hold world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2020 the Group had approximately 37,000 employees and revenues of about 86 billion SEK in more than 160 countries within continuing operations.
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