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Sandvik to Acquire Chinese Round Tools Maker

Sandvik has signed an agreement to acquire 67 percent of Chuzhou Yongpu Carbide Tools Co., Ltd, a China-based maker of solid round tools, with a call option to buy the remaining part in three years.

GM Quarterly Profit Surges

General Motors Co. said today its first-quarter profit rose sharply compared with a year earlier despite having to deal with a global shortage of computer chips.