Seco Tools, a division of Sandvik Machining Solutions, has agreed to purchase the Chinese company Kunshan Ousike Precision Tools Co., Ltd (OSK), a supplier of solid carbide round tools. In so doing, it will strengthen its position in the growing Chinese electronics industry.
“The acquisition is aligned with Sandvik Machining Solutions’ focus on growing the round tools business. We are already today well positioned in China but OSK will bring us even closer to customers,” says Klas Forsström, President of Sandvik Machining Solutions.
“I am very happy that we have reached an agreement to acquire OSK and include them in the Seco family. OSK serves customers in the electronics and die and mould industries and this is an important step for Seco to improve its position in the fast growing Chinese market. Our combined expertise will strengthen the product offering to customers,” says Lars Bergström, President of Seco Tools.
In 2017 OSK had revenues of 120 MSEK and employed 90 people. The transaction is expected to be completed in the first half of 2019, subject to regulatory approvals.