Acquisition Walter takes over the GWS Tool Group
The German tool manufacturer Walter acquires GWS, a manufacturer of solid carbide milling cutters and drills as well as HSS taps and PCD products. With this move, Walter is strengthening its presence in the US market.
The acquisition accelerates Walter's growth strategy in North America. "I am very pleased that we have reached an agreement to acquire GWS. This strengthens our presence and solid carbide tooling offering in the US market, which is important to us," says Richard Harris, President of Walter.
GWS has a strong focus on the aerospace industry and offers a complementary product offering. This is a strategic opportunity to strengthen the position of Walter and GWS in the machining of advanced components and lightweight materials. In addition, GWS' products will expand Walter's overall offering in North America.
Rick McIntyre, who will remain president of the company, says: "We are pleased to combine our presence and commitment in North America with Walter's extensive capabilities, resources and expertise. This is a great win for our customers, who have always been our most important stakeholders."
GWS will continue to operate as an independent company with its own sales force and brand. The parties have agreed not to disclose the purchase price. The transaction is expected to close in the fourth quarter of 2021 and is subject to the relevant regulatory approvals.