Walter to acquire GWS Tool Group
Walter has signed an agreement to acquire GWS Tool Group, a manufacturer of highly engineered custom, standard, and modified standard cutting tools.
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The acquisition supports Walter’s growth strategy in North America. “I am very pleased that we have reached an agreement to acquire GWS, as it will significantly increase our presence in the US and strengthen our solid carbide tools offer in this key market,” said Richard Harris, president of Walter.
GWS has a strong focus on the aerospace industry and provides a complementary product portfolio. This is a strategic opportunity to increase Walter’s and GWS’ position in the manufacturing of advanced components and light-weight materials, and will expand the overall offering for Walter in North America, according to a company statement.
“We are excited to pair our North American manufacturing presence and commitment to service with the vast capabilities, resources and expertise of Walter. This is a big win for our customers, who have always been our most important stakeholder,” said Rick McIntyre, who will remain president of the company.
GWS will continue operating as a standalone entity with its own sales force and brand.
The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.
Headquartered in Tavares, Florida, GWS is currently owned by a private equity company and has about 500 employees.
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