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Sandvik says it agreed to buy Diamond Innovations for undisclosed sum

Sandvik says it agreed to buy Diamond Innovations for undisclosed sum

Sandvik Tooling said Friday it agreed to buy Diamond Innovations Inc., an abrasives business, from American private equity company Littlejohn & Co. LLC for an undisclosed sum.
The acquisition is expected to be completed during the first quarter of 2007.
Diamond Innovations develops and produces synthetic diamond products for industrial applications such as machining, oil and gas drilling, grinding, rock drilling and wire drawing.
Diamond Innovations has annual sales in excess of 1 billion kronor (US$143 million; euro110 million), and about 600 employees.
The acquisition "provides the potential for further development of new solutions, especially for Sandvik Mining and Construction," Sandvik said in a statement.
Sandvik shares dipped 1.4 percent to 103 kronor (US$14.73; euro11.34) in Stockholm.


Updated : 2021-06-17 14:02 GMT+08:00