Ceratizit acquires carbide tool producer

CARBIDE specialist Ceratizit said its wholly owned subsidiary, Ceratizit USA Inc., has signed an agreement to acquire 80% of Promax Tools LP, a Californian manufacturer of solid carbide round cutting tools.

Ceratizit, headquartered in Mamer, Luxembourg, is a pioneer and global player in sophisticated hard material solutions and hard material products for wear protection and cutting tools.

“Promax Tools gives Ceratizit an exceptional opportunity to build further on the network of both regional end user customers like the Californian aerospace industries and on nationwide top distributors,” said Jacques Lanners, co-chairman of the Ceratizit executive board. “This acquisition is an important strategic step to further enhance the Group's position both in the United States and on a global scale.”

Promax Tools is a premium manufacturer of solid carbide round tools and is located in Rancho Cordova, California. The company is housed in a 36,000 square-foot state-of-the-art facility and employs currently about 70 employees.

“Ceratizit has already strong roots in the US and an important history of innovation and product quality. The agreement is a win for both companies,” Promax Tools president Nancy Owens said.

Both private companies have agreed not to disclose any financial details.