Ceratizit acquires remaining shares of former Best Carbide
Posted on 20 Jul 2021 and read 1676 times
, which has its headquarters in Mamer, Luxembourg, has acquired the remaining shares in Ceratizit Los Angeles. Ceratizit SA, which is part of the Austrian Plansee Group, now holds 100% of the California-based subsidiary.
The Ceratizit Group had acquired the majority of the shares in the company, which at that time was still called Best Carbide Cutting Tools, in early 2017.
Today Ceratizit Los Angeles, together with the sites in Warren (Michigan), Schaumburg (Illinois), and Rancho Cordova (California), forms the group’s North American production network. The Californian site functions as a specialist for solid-carbide tools (in particular high-end micro tools) and serves customers throughout the Americas.
Mirko Merlo, president of Ceratizit Group Americas, said: “The Ceratizit Group acquisition of the remaining shares allows us to further expand our footprint and accelerate our growth strategy in the cutting tools market, specifically in high-end micro tools.
“As a reliable partner and industry leader, we will continue to deliver engineering knowledge and technical proficiency to assist our customers in driving productivity.”
Both parties agreed not to disclose any financial details of the transaction.