TROY, Mich.--(BUSINESS WIRE)--Seco Tools has signed an agreement to acquire the American companies NC Industries (NCI) and Diamond Tool Coating (DTC).
NCI is a producer of solid carbide end mills under the Niagara Cutters and Arch Micro Tools brands, and is among the largest local producers in the USA of these products. DTC is a producer of wear resistant diamond coatings. NCI and DTC customers include companies in the aircraft and power generation industries, as well as the general engineering industry.
NCI and DTC have combined annual sales of around $37M USD and 170 employees. The largest production unit is located in Reynoldsville, Pennsylvania. Sherwood Bollier will remain President of NCI and DTC after the acquisition, and both companies will continue as separate entities in order to ensure continuity in operations. Andreas Fritz, Managing Director of Jabro, will be board chairman for the companies.
The acquisition is planned for completion before the end of the year.
“The end mill product area is regarded as strategically important, among other things for high-speed machining capability and the ability to close tolerance requirements. The acquisitions will strengthen Seco Tools’ position and market share in this segment in general and the important US market in particular,” says Kai Wärn, President and CEO of Seco Tools.
About Seco Tools
Seco Tools Inc. is part of Seco Tools AB (Fagersta, Sweden), a world leader in metalworking technologies. Seco is committed to solving its customers’ ever-increasing demands for greater productivity, quality and cost-effectiveness by offering a full range of tools for milling, turning, holemaking, and threading applications as well as service and software solutions. Its cutting tools and related technologies are sold through a network of more than 250 authorized distributors in the United States, Canada and Mexico.