Sandvik acquisition approved

Sandvik acquisition of the US tool company Valenite Inc., agreed on June 2002, has been approved by the US and German authorities. Valenite is a supplier of engineered metal-cutting tooling solutions to the North American market. The company, with about 1300
employees, has its head office in Madison Heights, Michigan, USA, and
manufacturing facilities in South Carolina, Michigan and Texas. The purchase price amounts to USD 175 million. Goodwill is preliminarily estimated at approximately USD 100 million.
Sandvik intends to operate Valenite as a separate sector within the Sandvik Tooling business area and it will retain its own identity.

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