Sandvik, a Stockholm-based high-tech and global engineering company, recently signed an agreement to purchase for an undisclosed amount Summerill Tube Corporation, based in Scottdale, Pa.
Founded in 1892, Summerill was privately owned. It manufactures high precision, seamless and welded tubing in stainless steel and nickel alloys.
The tubes are used in a variety of industries, including transportation, petrochemical, and aerospace.
“I am pleased with the acquisition of Summerill as it increases our presence in the U.S., enabling profitable growth,” Göran Björkman, Sandvik Materials Technology president, said.
“Summerill Tube Corp. will be part of the business unit specialized within the Tube Division.
Summerill is a great match for Sandvick, Michael Andersson, head of tube division for Sandvik Materials Technology, said, because it will allow the company to produce and offer stainless steel and high nickel tubes for the American market.
Summerill has 45 employees and generated revenue of $10.6 million in 2018.
Sandvik has approximately 42,000 employees and generates revenue of $10.6 billion annually.
The company manufactures tools and tooling systems for industrial metal cutting, advanced stainless steels and special alloys, and equipment and tools, service and technical solutions for the mining and construction industries.
The deal is subject to regulatory approval and is expected to close in early January.