Kanthal Heating Elements No Longer Part of Sandvik
A well known name in the electrical heating element world is that of Kanthal, a Swedish based company which is part of industrial giant Sandvik-we will correct that to say it was part of Sandvik but is no longer. This press release gives the details https://www.alleima.
com/en/news-media/archive/ 2022/08/alleima-trading-on- nasdaq-stockholm-commences- today/
To many North American heat treaters a better known name might be that of “Custom Electric” of Michigan which was acquired by Sandvik back in 2018-details can be found below. We will also leave you with this picture of Kanthal, Sweden as seen by part of “The Monty Heat Treat News” team. We would venture to guess that at the end of the day not a single thing will change at either Kanthal or Custom Electric.
AUGUST 2018; “Sandvik acquires privately owned Custom Electric Manufacturing Co., headquartered in Wixom, Michigan, USA. The company is a leading manufacturer of original equipment and replacement heating elements on the North American market. “Through this acquisition we add further strength to our leading position in industrial heating systems. I am pleased to welcome the Custom Electric Manufacturing team into Kanthal and Sandvik Materials Technology”, says Göran Björkman, President, Sandvik Materials Technology. In 2017, the company had revenues of 5.2 million USD, approximately 20 employees and a strong sales network in North America. Custom Electric Manufacturing will continue to go to market under its own brand. The transaction was closed today, and the business will be reported as part of the Product Area Kanthal within business area Sandvik Materials Technology. The parties have agreed not to disclose the purchase price. The deal is accretive to earnings per share from the start. Stockholm, 1 August 2018”
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