Dormer Pramet has agreed to acquire the business of India-based Miranda Tools, a manufacturer of High-Speed Steel (HSS) and solid carbide cutting tools, subject to conditions.
The acquisition enhances Dormer Pramet’s production capabilities with a proven manufacturing platform and further strengthens the company’s round tools offer for the general engineering, automotive component manufacturing and MRO industries, the company states.
Stefan Steenstrup, president of Dormer Pramet, said: “I am very pleased to have reached an agreement to acquire the business of Miranda Tools and look forward to welcoming them into the Dormer Pramet family. We see a lot of commonalities between the two companies, with an established distribution network, long-standing customer partnerships, and a focus on product quality and service.
“Established in 1945, Miranda has built a strong reputation throughout India, as-well-as numerous export markets, and has experienced strong growth in recent years. The addition of their significant expertise in India will further enhance Dormer Pramet’s position as a leading global supplier of HSS solid round tools – an area of the market where we continue to expand.
“It also strengthens our position in the Indian and wider Asian markets, supporting a vast array of small to medium-sized workshops, which rely heavily on HSS cutting tools. By expanding our manufacturing footprint to encompass North and South America, Europe and now Asia, we can better serve these markets.
“At present, we see this is business usual for Miranda Tools and I would like to reassure customers that the proposed acquisition will not impact on their ability to receive the products they need in the day-to-day running of their business.”