SDVKY - Sandvik Acquires Stake in Leading Additive Manufacturing Service Provider
SANDVIKEN, Sweden, July 12, 2019 /PRNewswire/ -- Sandvik has acquired a 30% stake in privately owned Italian company Beam IT, a leading provider of metal Additive Manufacturing (AM) services and advanced end-use components.
"The investment in Beam IT will complement our existing offer in Additive Manufacturing. It is also in line with Sandvik's strategic ambition to become a leading solution provider for the wider component manufacturing industry," says Lars Bergström, President of Sandvik Machining Solutions.
Beam IT is a trusted supplier of metal AM end-components to demanding industries, including automotive, energy and aerospace, and holds several relevant quality certifications to serve these industries. The company has more than 20 years of experience within Additive Manufacturing (AM) and has more than 20 Powder Bed Fusion printers installed.
"The AM sector is developing fast and there is a need for AM-specialist-partners with the advanced skills and resources required to help industrial customers develop and launch their AM programs. With this investment we provide our customers with the opportunity to access the complementary and combined power of Sandvik and Beam IT, says Kristian Egeberg, President of the Additive Manufacturing division in Sandvik.
In 2018, Beam IT generated revenues of about 70 million SEK, with its 38 employees. Sandvik has the right to further increase its stake over time. The parties have agreed not to disclose the purchase price.
Stockholm, 12 July 2019
Sandvik AB
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46 8 456 14 94 or Martin Blomgren, Press and Media Relations Manager, phone: +46 70 577 0549.
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SOURCE Sandvik