First publishedon www.AggBusiness.com
Sandvik has completed the acquisition of the French metrology software company Metrologic Group from Astorg Partners.
The purchase price was €360 million on a cash and debt free basis.
Since 4 July 2018 Metrologic Group has reported as part of the business area Sandvik Machining Solutions.
Headquartered in Meylan, France, Metrologic Group is a market leader in agnostic metrology software. In its fiscal year ending in September 2017 Metrologic Group generated revenues of €43.3mn with an EBITDA margin which would be accretive to that of Sandvik Machining Solutions. Impact on Sandvik’s earnings per share is initially expected to be neutral to slightly positive.
Stockholm-based Sandvik says the acquisition is in line with its strategic agenda to broaden Sandvik Machining Solutions’ customer offering in digital manufacturing.
In a previous statement released on April 27 that flagged up the acquisition, Sandvik said Metrologic Group would form a new business unit within a new product area in Sandvik Machining Solutions and would maintain brand independence, in line with Sandvik's decentralised business model. The Metrologic Group management team would remain with the company.