Walter AG Completes Acquisition of Waukesha Cutting Tools

Tool grinder manufacturer Walter AG has acquired all interests in Waukesha Cutting Tools (Waukesha, WI), increasing its share of ownership from 49% to 100%.

With anticipated 1999 sales of $20 million, Waukesha Cutting Tools already makes carbide tools under license to Walter. The acquisition is expected to 2000 Walter Group sales in North America to about $60 million.

"We have long enjoyed the benefits that come from manufacturing on four continents," Walter CEO Franco Mambretti said. "Now the Waukesha purchase brings us a new level of synergy in North America, where we'll produce both insert tooling and world class tool grinders. We expect our market penetration, economies of scale, and product development to benefit enormously."

Walter Grinders Inc, 5160 Lad Land Drive, Fredericksburg, VA 22407. Phone (540) 898-3700.