KYOCERA to acquire US-based solid tool manufacturer

Kyocera Corporation (NYSE:KYO) (TOKYO:6971) has completed a share purchase agreement regarding the US-based solid tool manufacturing and sales company, SGS Tool company and its group companies, the company said.

Effective May 2, Kyocera will acquire 100 percent ownership of SGS Tool, and will rename the company as KYOCERA SGS Precision Tools, Inc. By incorporating SGS Tool, Kyocera plans to increase sales of cutting tool business in North America by 2.5 times by fiscal year ending March 31, 2019.

Currently Kyocera is expanding its cutting tool business globally with its main lineup of indexable cutting tool products; while SGS Tool is a solid tool manufacturing and sales company developing its business mainly in the US and U.K. which possesses strength in products for the automotive, aerospace, energy and medical industries.

Kyocera, the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics.