Sandvik Materials Technology (Sandviken, Sweden) has signed an agreement to divest the welding wire operations to ESAB (Denton, TX), a part of Colfax Corporation (Annapolis Junction, MD). The agreement completes the main step in the divestment plan for welding wire and stainless wire announced on May 17, 2017.
The deal includes the production units in Sandviken and Scranton, PA, as well as the global sales and product management organization, totaling approximately 120 employees. Revenues for the welding wire business amounted to 470 million SEK in 2016.
Closing of the divestment is estimated to be completed within 2-4 months, following customary closing conditions.