Sandvik completes the acquisition of Miranda Tools' business

SANDVIKEN, Sweden, Dec. 23, 2020 /PRNewswire/ -- Sandvik has completed the previously announced acquisition of the entire business of the Indian company Miranda Tools, comprising the manufacture of High Speed Steel and solid carbide round tools.

In 2019, Miranda Tools had revenues of about 200 million SEK and around 580 employees. The deal has a limited impact on Sandvik's earnings per share.

The Miranda Tools' business will be part of Sandvik Machining Solutions' division Dormer Pramet, within the business area Sandvik Manufacturing and Machining Solutions.

Stockholm, 23 December 2020

Sandvik AB

For further information, contact Louise Tjeder, Vice President Investor Relations, phone: +46 (0) 70 782 63 74 or Edvard Bergström, Vice President Communications Relations and Productions, +46 (0) 70 993 83 11.

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SOURCE Sandvik