CERATIZIT purchases Californian tool manufacturer

Breitenwang, Reutte, Austria, April 11, 2014 – Ceratizit, the Plansee Group’s carbide specialist, has acquired a majority interest in Californian tool manufacturer Promax.

Based in Rancho Cordova, California, 150 kilometers north-east of San Francisco, Promax Tools L.P. is a specialist manufacturer of carbide drills and cutting tools with 70 employees. Ceratizit’s acquisition of 80 percent of the company’s shares has been completed on Friday, April 11th 2014. Both parties have agreed not to disclose any financial details of the transaction.

“This acquisition further consolidates our position in the carbide tool sector, both in the United States and worldwide,” says Ceratizit Co-Executive Chairman Jacques Lanners. Ceratizit had already acquired an interest in German tool manufacturer Günther Wirth back in 2012, putting the Group in a position to cover every stage of the production process – from powder, to tool blanks, to custom-made, coated round tools such as drills and cutting tools.

The Promax customer base includes end customers from the Californian aviation industry, and a range of commercial enterprises active throughout the United States. Nancy Owens, President of Promax Tools says, “In Ceratizit, we have gained a partner with a well-established profile in the States and a long-standing reputation for innovation and product quality.”