Ceratizit S.A. has acquired the remaining shares in Ceratizit Los Angeles. The company, which is part of the Austrian Plansee Group, now holds one hundred percent of the Rancho Domingo, California-based subsidiary.
In early 2017, the Ceratizit Group acquired the majority of the shares in the company, which at that time was still called Best Carbide Cutting Tools. Today, Ceratizit Los Angeles, tog ether with the sites in Warren, Michigan, Schaumburg, Illinois, and Rancho Cordova, California, forms the Group's North American production network. As part of this, the site functions as a specialist for solid carbide tools and in particular high-end micro tools and serves customers throughout the Americas.
Mirko Merlo, president, Ceratizit Group Americas, said, “The Ceratizit Group acquisition of the remaining shares allows us to further expand our footprint and accelerate our growth strategy in the cutting tools market, specifically in high-end micro tools. As a reliable partner and industry leader, we will continue to deliver engineering knowledge and technical proficiency to assist our customers in driving productivity.”
Both parties have agreed not to disclose any financial details of the transaction.