GWS Tool Group has signed an agreement to be acquired by Walter, a leading global metalworking manufacturer with a core emphasis on providing specialized machining solutions to its customers.
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 lightweight materials. With the robust engineering and product capabilities of the Walter organization, GWS will be able to dramatically expand its capability and value proposition to their customers 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 stakeholders."
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 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.
About GWS Tool Group
GWS Tool Group is a North American-based, vertically integrated manufacturer of highly engineered custom, standard, and modified standard cutting tools. The group, which has its headquarters in Florida, is currently owned by a private equity company and has about 500 employees. GWS Tool Group was founded in 2014 as the start of the acquisitive journey from the foundation of the GW Schultz company founded in 1984. To date, these acquired entities include numerous industry-leading specialty manufacturers. Company website: www.gwstoolgroup.com.
About Walter
Walter was founded in 1919 and is now one of the world's leading metalworking companies. As a provider of specialized machining solutions, Walter offers a wide range of precision tools for milling, turning, drilling and threading applications. Walter works together with its customers to develop customized machining component solutions for use in the aviation and aerospace industries, as well as automotive, energy, and general engineering. Demonstrating its engineering competence at every stage of the machining process, Walter is an innovative partner capable of creating digital process solutions for optimal efficiency. With around 3,300 employees worldwide, together with its numerous subsidiaries and sales partners, Walter serves customers in over 80 different countries. Company website: www.walter-tools.com.
Press Contact:
GWS Tool Group
Drew Strauchen
EVP - Marketing & Business Development
drew@gwstoolgroup.com
Source: https://www.newswire.com/news/gws-tool-group-signs-agreement-to-be-acquired-by-walter-21560794
