Dormer Pramet to acquire Miranda Tools’ business
30 June 2020
Dormer Pramet, a division within Sandvik Machining Solutions, has reached an agreement to acquire the entire business of the Indian company Miranda Tools, comprising manufacture of High Speed Steel and solid carbide round tools.
The acquisition enhances Dormer Pramet’s product offering and facilitates an improved presence in key markets such as India, China, and Southeast Asia.
In 2019, Miranda Tools had revenues of about SEK 200M and around 580 employees. The transaction is expected to close during the Q3 of 2020 with a limited impact on Sandvik’s earnings per share and is subject to relevant regulatory approvals.