Round tools company, Fanar, to be acquired by Sandvik
15 July 2021
Sandvik has signed an agreement to acquire Fabryka Narzędzi FANAR S.A. (Fanar), a manufacturer of round tools. The company will be reported in Seco, a division within the business area Sandvik Manufacturing and Machining Solutions.
“We continue to execute on our growth strategy and this acquisition is an additional step to strengthen our round tools offering,” says Stefan Widing, President and CEO of Sandvik.
The acquisition enhances Seco’s product offering in taps and solid threading applications and improves the presence in Poland and the growing market for round tools.
“I am very pleased that we have reached an agreement to acquire Fanar, it will enhance our presence in the important Polish market and strengthen our exposure to our focused segments,” says Nadine Crauwels, President of business area segment Sandvik Machining Solutions.
The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.
Courtesy of Sandvik.