Sandvik said it has completed the previously announced acquisition of a majority stake (72.4%) in China-based Suzhou Ahno Precision Cutting Tool Technology from Ningbo Baosi Energy Equipment and related parties.
The company will be reported within the Sandvik Machining Solutions segment.
Founded in 2002, Ahno has a leading position in precision cutting tools in the fast-growing local premium segment, with a broad product-and service offering and extensive sales, distribution and production footprint in China.
“This acquisition will strengthen our position in the strategically important Chinese market. Ahno’s competitive assortment and closeness to customers is a great platform to drive further growth of our tooling business in China. Much of the offering is focused on fast growing segments, like electric vehicles, which makes Ahno a perfect fit with our strategy,” said President and CEO of Sandvik Stefan Widing when the acquisition was first announced in late April.
Ahno has 1,200 employees and is headquartered in Suzhou, China. In 2023, it generated revenues of CNY812 million (SEK1.2 billion), mainly from China.
Source: Sandvik