Sandvik, the world’s largest maker of metal-cutting tools, offered 6.19 billion kronor ($933 million) to buy the rest of its machine-making subsidiary Seco Tools AB (SECOB) to increase technology and distribution synergies.
Sandvik is offering 1.2 new shares for every Seco Class B share that it doesn’t already own, the company said today in a statement. Sandvik already owns 60 percent of the capital and 89 percent of the votes in Seco Tools, a Fagersta, Sweden-based manufacturer of cutting tools.
“We can build a stronger Sandvik and a stronger Seco by buying out the minority,” Sandvik Chief Executive Officer Olof Faxander said in a phone interview. “Today there’s a wall between the two companies where they don’t fully share technological knowledge, production technology and the distribution network.”
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