U.S. Markets close in 2 hrs 9 mins
  • S&P 500

    3,697.46
    +50.17 (+1.38%)
     
  • Dow 30

    29,546.83
    +411.84 (+1.41%)
     
  • Nasdaq

    10,963.19
    +133.68 (+1.23%)
     
  • Russell 2000

    1,709.85
    +47.34 (+2.85%)
     
  • Crude Oil

    81.71
    +3.21 (+4.09%)
     
  • Gold

    1,670.60
    +34.40 (+2.10%)
     
  • Silver

    18.92
    +0.59 (+3.21%)
     
  • EUR/USD

    0.9731
    +0.0134 (+1.3916%)
     
  • 10-Yr Bond

    3.7370
    -0.2270 (-5.73%)
     
  • Vix

    31.07
    -1.53 (-4.69%)
     
  • GBP/USD

    1.0882
    +0.0151 (+1.4026%)
     
  • USD/JPY

    144.0620
    -0.7290 (-0.5035%)
     
  • BTC-USD

    19,415.03
    +423.90 (+2.23%)
     
  • CMC Crypto 200

    442.40
    +13.61 (+3.18%)
     
  • FTSE 100

    7,005.39
    +20.80 (+0.30%)
     
  • Nikkei 225

    26,173.98
    -397.89 (-1.50%)
     

Sandvik Acquires Connecticut-Based CNC Software For Undisclosed Sum

·1 min read
  • Sandvik AB (OTC: SDVKY) has agreed to acquire US-based CNC Software Inc., a CAD/CAM software solutions provider for manufacturing industries and the company behind Mastercam, for undisclosed financial terms.

  • Tolland, Connecticut-based CNC Software, founded in 1983, is an independent, family-owned company with 220 employees.

  • CNC Software will be reported in the Design & Planning Automation division within Sandvik Manufacturing and Machining Solutions.

  • With this acquisition, Sandvik gains a CAM brand in the Mastercam software suite with an installed base of around 270,000 licenses/users.

  • CNC Software's 2020 revenue totaled $60 million with an EBIT margin of 25%-30%.

  • The underlying EBITA margin is accretive to Sandvik Manufacturing and Machining Solutions. The impact on earnings per share will initially be slightly negative.

  • Sandvik will include transaction costs estimated at SEK 25 million in Q3.

  • The deal is expected to close during 4Q21. In conjunction with the closing, Sandvik will make a write-down of overlapping assets representing SEK 30 million.

  • Sandvik held cash and cash equivalents of SEK 17.25 billion as of June 30, 2021.

  • Price Action: SDVKY shares are trading higher by 2.05% at $25.60 on the last check Wednesday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.