Sandvik has signed a deal to acquire Preziss, a cutting tool and solution provider for aluminium and composite machining, specialising in high-precision drilling, reaming, milling, and tooling systems located in Spain. Sandvik will boost its portfolio in the lightweight automotive components market with the purchase of Preziss. Sandvik Coromant, a branch of Sandvik manufacturing and machining solutions will report on the firm. The deal is scheduled to conclude in the third quarter of 2022, subject to usual closing conditions.
"The acquisition of Preziss is aligned with our strategy to grow in lightweight materials and strengthen our position in the automotive aluminum segment by building a complete product and service offering. We look forward to welcoming Preziss to the Group," said Nadine Crauwels, President of Sandvik Machining Solutions.
"I am very pleased that we continue to execute on our shift to growth strategy. Strengthening our position within lightweight materials is one of the key priorities within Sandvik Manufacturing and Machining Solutions," said Stefan Widing President and CEO of Sandvik.
Sandvik is a mining and rock excavation, rock processing, metal cutting, and materials technology engineering firm that provides optimum products and solutions via digitalization, innovation, and sustainable engineering.
Preziss, a multinational company created in 1971, supplies major automobile manufacturers. Manufacturing lightweight materials like aluminium are becoming more vital in industries like automotive and aerospace, especially as the world moves toward more environmentally friendly transportation and lower fuel usage. Preziss is a full-service component machining and aftermarket service supplier with excellent technical and application experience for lightweight goods and production.
In 2021, the firm generated revenues of around 10 million euros and an EBITA margin comparable to Sandvik Manufacturing and Machining Solutions. Sandvik's profits per share will be impacted, but it will be favourable.
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