Sandvik Tooling has reached an agreement to acquire 49% of the shares in Precorp Inc., based in Spanish Fork, Utah. Precorp is a developer, producer and supplier of polycrystalline diamond (PCD) and cemented-carbide tools for the machining of advanced composite materials and other materials used mainly by the aerospace and automotive industries. The acquisition is expected to be concluded by the end of June 2008.

“The acquisition is in line with Sandvik’s long-term strategy to deliver increased customer value and generate profitable growth,” said Anders Thelin, president of Sandvik Tooling. “Through the acquisition, we intend to further develop and strengthen the global business for diamond-based cutting tools, particularly in the rapidly growing aerospace segment.”

“On behalf of all the employees at Precorp, let me say that we are excited about partnering with Sandvik as we continue to invest in Precorp’s long-term strategy for growth in the aerospace markets, and I look forward to continuing to lead the business into the future,” said John Bunting, chairman and chief executive officer of Precorp.

For more information, visit www.sandvik.com or www.precorp.net.