Kyocera to acquire SGS Tool
Kyocera Corporation announced that it has completed a share purchase agreement to acquire SGS Tool Company of Munroe Falls, Ohio.
Terms were not disclosed.
Effective May 2, Japan-based Kyocera will acquire 100% ownership of SGS Tool, and will rename the company KYOCERA SGS Precision Tools Inc. Kyocera said it plans to increase sales of cutting tool business in North America by 2.5 times by fiscal year ending March 31, 2019.
"Currently Kyocera is expanding its cutting tool business globally with its main lineup of indexable cutting tool products; while SGS Tool is a solid tool manufacturing and sales company developing its business mainly in the U.S. and U.K. which possesses strength in products for the automotive, aerospace, energy and medical industries," according to a background statement from Kyocera.