Walter AG Completes Acquisition of Waukesha Cutting Tools

Walter AG has acquired all interests in Waukesha Cutting Tools (Waukesha, WI), increasing its share of ownership from 49% to 100%. Waukesha Cutting Tools already makes carbide tools under license to Walter. Waukesha's sales in 1999 are expected to be $20 million. The acquisition is expected to improve Walter's prospects in North America allowing the USA Walter group to achieve sales in 2000 to be about $60 million.

Walter CEO Franco Mambretti stated: "We have long enjoyed the benefits that come from manufacturing on four continents. Now the Waukesha purchase brings us a new level of synergy in North America, where we'll produce both insert tooling and world class tool grinders. We expect our market penetration, economies of scale, and product development to benefit enormously."

Walter Grinders Inc, 5160 Lad Land Drive, Fredericksburg, VA 22407; phone: 540-898-3700