Walter has signed an agreement to acquire the US based GWS Tool Group (“GWS” or the “Company”), a manufacturer of solid carbide endmills and drills as well as HSS taps and PCD products. GWS is focused on highly engineered customized cutting tools for the American market.
The acquisition supports Walter’s growth strategy in North America. “I am very pleased that we have reached an agreement to acquire GWS, as it will significantly increase our presence in the US and strengthen our solid carbide tools offer in this key market”, says Richard Harris, President of Walter.
GWS has a strong focus on the aerospace industry and provides a complementary product portfolio. This is a strategic opportunity to increase Walter’s and GWS’ position in the manufacturing of advanced components and light-weight materials. In addition, GWS’ products will expand the overall offering for Walter in North America.
Rick McIntyre, who will remain president of the Company, says: “We are excited to pair our North American manufacturing presence and commitment to service with the vast capabilities, resources and expertise of Walter. This is a big win for our customers, who have always been our most important stakeholder.”
GWS will continue operating as a standalone entity with its own salesforce and brand. The parties have agreed not to disclose the purchase price. The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals.
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