By Kari Williamson

Sandvik says the acquisition would strengthen its position within the new business area, Sandvik Machining Solutions.

Seco share holders are said to be positive to the takeover. The company would be an independently managed product area under Sandvik Machining Solutions.

“This is a natural step, with a clear industrial rationale, in line with our strategy to continue to strengthen our leading position in the global market for cutting tools. Our subsidiary Seco Tools has a strong brand within our new business area Sandvik Machining Solutions,” says Olof Faxander, Sandvik President and CEO.