Walter Corp. has acquired Werner Schmitt, a German company specializing in PCD and CBN tools. With the acquisition, Walter intends to enter new markets in the automotive and aerospace industries. Walter Chairman Peter Witteczec points out, "The acquisition opens market niches for PCD and CBN, which are becoming increasingly important."
Founder and previous sole owner Werner Schmitt is leaving the company and is succeeded by Uwe Chieregato, a longtime staff member. The company is incorporated into Walter as a legally independent subsidiary and continues to operate under its present name.
Walter USA Inc.