Sandvik acquires US based Custom Electric Manufacturing
09 August 2018
Sandvik acquires privately owned Custom Electric Manufacturing Co., headquartered in Wixom, Michigan, USA. The company is a manufacturer of original equipment and replacement heating elements on the North American market.
“Through this acquisition we add further strength to our leading position in industrial heating systems. I am pleased to welcome the Custom Electric Manufacturing team into Kanthal and Sandvik Materials Technology”, says Göran Björkman, President, Sandvik Materials Technology.
In 2017, the company had revenues of USD 5.2M, approximately 20 employees and a strong sales network in North America. Custom Electric Manufacturing will continue to go to market under its own brand.
The transaction was closed, and the business will be reported as part of the Product Area Kanthal within business area Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. The deal is accretive to earnings per share from the start.