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Sandvik buys majority stake in China-based Suzhou Ahno

Reuters
·1 min read
South Africa's President Cyril Ramaphosa attends the launch of the new Sandvik Khomanani manufacturing site

STOCKHOLM (Reuters) - Sweden's Sandvik said on Tuesday it has agreed to buy a majority stake in China-based Suzhou Ahno Precision Cutting Tool Technology.

Sandvik, which already owns a 12.4% stake in the company, said in a statement it will through the deal raise its stake to 72.4%, and that the enterprise value for the acquired stake is 189 million euros ($202 million).

The impact on Sandvik’s earnings per share, excluding non-cash amortization effects from business combinations, will be positive, it said.

Sandvik is buying the stake from current majority owner Ningbo Baosi Energy Equipment and related parties.

($1 = 0.9374 euros)

(Reporting by Anna Ringstrom, editing by Stine Jacobsen)