“This acquisition is yet another important step for Kanthal to expand its global offering of sustainable industrial heating. I am pleased to welcome all employees at Thermaltek into the Kanthal family,” says Nicklas Nilsson, Vice President, Kanthal.
In the 12-month period ending in September 2019, Thermaltek generated revenues of US-$ 13 million with its 30 employees and strong sales network in North America. 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 business area Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. The deal is neutral to earnings per share from the start.
_{(Source: Sandvik AB)}