FANAR S.A. to be a part of Sandvik Group
Sandvik Group (Sandvik) and Fabryka Narzędzi FANAR S.A. (Fanar) – Polish manufacturer of round tools – has signed an agreement to acquire its shares. The company will be reported in Seco, a division within the business area Sandvik Manufacturing and Machining Solutions.
For both Sandvik and Fanar it is important step in further execution of growth strategy and strengthening round tool offer.
The acquisition enhances Fanar’s product offering especially in threading applications but also improves the presence in the growing market for metal cutting tools.
Very positive position was also presented by Nadine Crauwels, President of Sandvik Machining Solutions . She says: “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”.
Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and sustainability. Group hold world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2020, the Group had approximately 37,000 employees and revenues of close to 1 billion EUR in more than 160 countries within continuing operations.
The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals. Impact on Sandvik’s earnings per share will be limited. The parties have agreed not to disclose the purchase price.
Ciechanów, 19 July 2021
Fabryka Narzędzi FANAR S.A.
For further information, contact Marcin Kołodziej, Commercial Director phone: +48 23 674 30 30
or Radosław Kamiński, Commercial Manager phone: +48 600 382 799