Sandvik Materials Technology divests welding wire business to ESAB
Sandvik Materials Technology ("SMT") has signed an agreement to divest its welding wire operations to ESAB, a global leader in the welding industry and part of Colfax Corporation. The deal includes the production units in Sandviken, Sweden and Scranton, U.S. as well as the global sales and product management organization, in total approximately 120 employees. Revenues for SMT's welding wire business amounted in 2016 to SEK 470 million. The divestment is estimated to be completed within 2-4 months.
SMT is part of the Sandvik Group and is a world-leading developer and manufacturer of advanced stainless steels, special alloys, titanium and other high-performance materials.
SMT was advised by Mannheimer Swartling in the divestment.