Sandvik acquires Norwegian tool manufacturer

Sandvik Group (www.sandvik.com) is acquiring 92.5 percent of the assets of Teeness ASA, a Norwegian manufacturer of the Silent Tools line of anti-vibration machine tools, for approximately $40.6 million.

The Silent Tools line of anti-vibration tools are used in machining workpieces. Sandvik Coromant is the exclusive sales channel for these products.

In 2007, Teeness had sales of approximately $35 million, with 105 employees. The company will be consolidated in the Sandvik Tooling business area when the acquisition is finalized, which is expected to be concluded by the end of May 2008

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