Stockholm /PRNewswire/ - Sandvik has acquired 95% of the shares in the Irish based company PMT Premier Machine Tools Limited ("PMT"), a well-established solutions provider to medical customers in Ireland, with full coverage of machines, tools and services. The company will be reported within Seco, a division within Sandvik Manufacturing and Machining Solutions.
"The acquisition of PMT fits well with our strategy to strengthen our position in the fast-growing area of medical. Together with PMT, Sandvik will be able to offer complete machining solutions to the medical segment", says Stefan Widing, CEO and President of Sandvik.
PMT has through its strong partnerships the ability to deliver tailored machining solutions and services to its customers. The broad portfolio of services and know-how encompass the full machining process in medical, from design to verification, expanding Seco's offer from products to full solutions and services.
"PMT provides additional capabilities for Sandvik to grow within the medical segment, bringing strong relationships with key manufacturers of medical implants. We can build on PMT's medical machining know-how and, together with Seco's medical sales and application experts, expand into selected markets. We are very pleased to welcome PMT to the Group," says Nadine Crauwels, President of Sandvik Machining Solutions.
PMT was founded in 2000 and has 14 employees. In 2022, the company generated revenues of approximately SEK 120 million. The EBITA margin is neutral to Sandvik Manufacturing and Machining Solutions. Impact on Sandvik's earnings per share will be neutral. The parties have agreed not to disclose the purchase price.