Walter forms joint venture with Vargus
Walter AG has established a joint venture named VWR Cutting Tools S.R.L. with Vargus Ltd.
The two precision tool manufacturers each hold equal shares in the new business. The joint production company will manufacture tool holders and be located at the Vargus production site in Bucharest, Romania.
Walter and Vargus signed the contract for the joint venture on Feb. 26, and expect to start production in November 2021 with some 20 employees.
"The joint venture in Romania is a further investment in the globalization and growth of our company. With Vargus, we have a strong partner and specialist for tools at our side," said Richard Harris, president of Walter.
Vargus Ltd. has operated its manufacturing plant in Romania since 2017. The planned expansion of this plant will serve exclusively the production of tool holders for Vargus and for Walter. The purpose of the new company VWR Cutting Tools S.R.L. is to improve the overall supply chain of these products in Europe and USA. For the North American market, this will include production of grooving tools.
"We have been working with Walter in a trusted relationship for over 20 years. With the joint venture, we are taking another step together to position ourselves optimally for the future," said Harry Ehrenberg, president of Vargus Ltd.
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