Sandvik has acquired Thermaltek Inc., a manufacturer of high-temperature furnace systems and metallic heating elements headquartered in Concord, North Carolina.
“Through this acquisition we add strength to our leading position in industrial heating, a strategically important growth area for our Kanthal division within Sandvik Materials Technology,” says Göran Björkman, president of Sandvik Materials Technology.
In the 12-month period ending in September 2019, Thermaltek generated revenues of $13 million with its 30 employees and North American sales network. Thermaltek will continue to go to market under its own brand.
The transaction is closed and Thermaltek will be reported as part of the division Kanthal within the business area of Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. The deal is neutral to earnings per share from the start.