Sandvik to acquire majority stake in China-based Suzhou Ahno
SANDVIK AB S/ADR (SDVKY)
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Source: PR Newswire
STOCKHOLM, April 23, 2024 /PRNewswire/ -- Sandvik has signed an agreement to acquire a majority stake in the leading China-based company Suzhou Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from the current majority owner, Ningbo Baosi Energy Equipment Co., Ltd and related parties. The company will be reported within the business area segment Sandvik Machining Solutions.Ahno has a leading position in precision cutting tools in the fast-growing local premium segment, with a broad product-and service offering and extensive sales, distribution and production footprint in China. The main customer industries are general engineering and automotive, in which a significant part is towards electric vehicles, and with medical being a growing segment for the company. With this acquisition Sandvik Machining Solutions further strengthens its leading position within round tools."This acquisition will strengthen our position in the strategically important Chinese market. Ahno's competitive
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