Acquisition expected to be concluded by Oct. 1.
Sandvik Coromant parent company Sandvik AB, Sandviken, Sweden, has reached an agreement to acquire the remaining 51% of shares in Precorp Inc., a company based in Spanish Fork, Utah.
The acquisition is expected to be concluded by Oct. 1, 2013 and Precorp Inc. will be consolidated into Sandvik Machining Solutions. Sandvik has been the minority share owner (49%) of Precorp Inc. since 2008.
Precorp Inc. was founded in 1986 and offers a full line of Polycrystalline Diamond (PCD) and carbide tools including drills, reamers, end mills, port tools, and micro tools to meet the requirements of high speed machining of die cast aluminum, carbide parts and the machining of advanced composite materials as well as many other materials. The company serves customers worldwide, primarily within the aerospace and automotive segments.
In 2012 Precorp Inc. had sales of approximately $37 million, (230 MSEK), with 200 employees.