Swedish tool manufacturer Seco Tools AB (www.secotools.com) has agreed to acquire the Russian tool maker ALG for an undisclosed sum.
ALG, based in Moscow, manufactures cutting tools and wear parts for the Russian market. The company has 170 employees and an annual turnover of approximately $15.2 million.
"The acquisition complements the other steps we are now taking in Russia to achieve customer closeness and partnerability for key groups in the market. The emerging economies have a vital role to play in expanding our market shares, and we see these ventures as a key component of this strategy," Kai Warn, president and chief executive officer of Seco Tools said.
Seco Tools, headquartered in Fagersta, Sweden, manufactures tools for the machining industry. The group has manufacturing units in 10 countries and distribution partners worldwide.