Dormer Pramet has agreed to acquire the business of India-based Miranda Tools, a manufacturer of high-speed steel (HSS) and solid carbide cutting tools, subject to conditions.
With a corporate base in Mumbai and several manufacturing facilities in the state of Gujarat, Miranda is one of the leading domestic cutting tool brands.
The acquisition will enhance Dormer's production capabilities and further strengthen the company's round tools offering for the general engineering, automotive component manufacturing and MRO industries.
Stefan Steenstrup, president of Dormer Pramet, said: "I am very pleased to have reached an agreement to acquire the business of Miranda Tools and look forward to welcoming them into the Dormer Pramet family. We see a lot of commonalities between the two companies, with an established distribution network, long-standing customer partnerships and a focus on quality and service."
Dormer has more than 20 sales offices around the world, including in New Delhi, to support sales to over 90 markets. Meanwhile, Miranda has built a 'strong reputation' throughout India and in numerous export markets, having experienced strong growth in recent years. Employing more than 580 people, Miranda offers a varied product portfolio including drills, taps, milling cutters tool bits and saws.
According to Steenstrup, the addition of Miranda's expertise in India will enhance Dormer's position as a leading global supplier of HSS solid round tools, an area of the market within which the firm is looking to continue expanding.
"It also strengthens our position in the Indian and wider Asian markets, supporting a vast array of small to medium-sized workshops, which rely heavily on HSS cutting tools," he continued. "By expanding our manufacturing footprint to encompass North and South America, Europe and now Asia, we can better serve these markets.
"At present, we see this is business as usual for Miranda Tools and I would like to reassure customers that the proposed acquisition will not impact their ability to receive the products they need in the day-to-day running of their business."
Last month, Dormer launched its Make the Shift 2030 sustainability programme with the aim of leading significant change in the metalworking industry. At the core of this strategy is the use of new technologies and methods of working that deliver value for employees, customers, and suppliers.