Sandvik has reached an agreement with the major shareholders of the Norway-based company Teeness ASA to acquire 92.55% of the shares in the company. The acquisition price amounts to approximately SEK 197 per share or a total of about SEK 240 million. Sandvik intends to acquire all shares in the company and will make the same offer to the remaining shareholders. Based in Trondheim, Norway, Teeness develops and produces anti-vibration tools under the registered trademark Silent Tools®. Anti-vibration tools enhance customers’ productivity and provide technological advantages when machining complex workpieces. Currently, Sandvik Coromant is the exclusive sales channel for these products. Anti-vibration tools are also becoming an increasingly important part of Sandvik Coromant’s product portfolio. The acquisition secures long-term stable ownership of Teeness and offers opportunities for larger investments in research, product development and production of anti-vibration tools. In turn, this will strengthen Sandvik’s total customer offering and growth possibilities. The acquisition is expected to be concluded by the end of May 2008.
