Swedish multinational engineering company Sandvik has signed an agreement to acquire 100% of the equity interests of the Portugal-based company Frezigest, SGPS (Frezite).
The company will be reported within Walter, a division within Sandvik Manufacturing and Machining Solutions, a statement said.
“With the acquisition of Frezite, we take another important step in our shift to growth strategy. We have a clear ambition for our machining solutions business to increase our presence and strengthen our expertise in PCD tooling for lightweight materials,” says Stefan Widing, CEO and President of Sandvik.
“Frezite provides complementary production capabilities and competence and reinforces our position in the electric and hybrid automotive market. With its solid position within custom PCD tools and competence within interesting adjacent fields, we are very pleased to welcome Frezite to the Group,” says Nadine Crauwels, President of Sandvik Machining Solutions.
Frezite, founded in 1978, has around 450 employees and is headquartered in Trofa, Portugal. In 2021, the company generated revenues of approximately SEK 450 million and is expected to grow at a mid-single digit organic growth rate in the medium term.
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