Sandvik Acquires Summerill Tube Corporation
STOCKHOLM, Dec. 20, 2019 /PRNewswire/ -- Sandvik has signed an agreement to acquire privately owned Summerill Tube Corporation, based in Pennsylvania, USA. Summerill Tube Corporation is a manufacturer of high precision tubes and since 1892 it has delivered seamless and welded tubing in stainless steels and nickel alloys to various high demanding industries including aerospace, transportation and petrochemical.
"I am pleased with the acquisition of Summerill as it increases our presence in the US, enabling profitable growth", says Göran Björkman, President of Sandvik Materials Technology.
Summerill Tube Corporation will be part of the business unit Specialized within the Tube division.
"This is a great match for us as the capability of producing and offering stainless steel and high nickel tubes in the US market is a priority. It enables further growth in an attractive market segment", says Michael Andersson, Head of Tube Divison, Sandvik Materials Technology.
In 2018, Summerill Tube Corporation generated revenues of about 100 million SEK, with 45 employees.
The parties have agreed not to disclose the purchase price. The deal has a limited impact on earnings per share from the start. The transaction is expected to close in early January 2020 and is subject to regulatory approval.
Stockholm, 20 December 2019
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46-8-456-14-94 or Martin Blomgren, Press and Media Relations Manager, phone: +46-70-577-0549.
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Sandvik acquires Summerill Tube Corporation