Fagersta, Sweden, June 1, 2020 — Seco has completed the acquisition of the cutting tool division of Quimmco Centro Tecnológico (QCT), a subsidiary of the Quimmco Group. The cutting tool division acquired from QCT has three locations in Mexico to support customers and is a leading solid-carbide tooling manufacturer, specializing in custom products and reconditioning.
“With this acquisition we build an even stronger foundation in North America for our round tools business. Giving us additional capabilities within the fast-growing area of round tools,” says Fredrik Vejgården, President of Seco Tools, AB.
The cutting tool division acquired from QCT will continue to serve its present customers and begin serving Seco customers directly after the closing of the deal. As of June 1st, the division became a wholly-owned part of Seco Tools de Mexico and discontinued use of the QCT name. The division changed over to Seco Tools on June 1.
“This is a great complement to our product and service portfolio in North America and enables Seco to serve the growing demand for solid-carbide tools in Mexico,” said Rob Keenan, President, Seco North America. “The demand for high-performance tooling solutions in Mexico is increasing, especially in the aerospace and automotive segments and the QCT acquisition positions us to meet that demand by being close to customers with engineering and production capabilities.”
In 2019 the business had revenues of about $9 Million and 130 employees.
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