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Mitsubishi Materials Corporation ("MMC") has been working on the expansion of its plant in Valencia, Spain, which was completed as originally planned and started operations in May. Following the completion of the expansion, the production capacity of inserts at the Valencia plant in Spain will increase by two to five times compared to the previous capacity.

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Sandvik has reached an agreement to acquire the remaining 51% of the shares in Precorp Inc., based in Spanish Fork, Utah, USA. The acquisition, expected to be concluded by 1 October 2013, will see Precorp Inc. consolidated into Sandvik Machining Solutions. Sandvik has been the minority share owner (49%) of Precorp Inc. since 2008.

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“I am confident that this acquisition is a good step, both for Sandvik and for Precorp. Precorp’s long-term strategy for growth in the Aerospace segment is in line with Sandvik’s strategy and now we will work even more integrated to generate innovative solutions for our customers,” added Richard Garrick, President of Precorp Inc.

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Additionally, we plan to install the latest facilities for the expanded insert plant to enhance the automation of presses, grinding machines, and inspections. We aim to increase our production capacity while utilizing the latest technology to improve our manufacturing sites.

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“The already existing co-operation between Sandvik Machining Solutions and Precorp has led to several new business opportunities. The acquisition of the remaining shares in Precorp is a logic step and is in line with Sandvik’s long-term strategy to have full ownership of core assets. Through the acquisition, we intend to further develop and strengthen the global business for engineered special diamond and cemented carbide based cutting tools, particularly in the attractive aerospace segment,” stated Jonas Gustavsson, President of Sandvik Machining Solutions.

May 22, 2024 Mitsubishi Materials España, S.A.U Held 50th Anniversary Celebration URL: https://www.mmc.co.jp/corporate/en/news/2024/news20240522.html

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Precorp has three facilities in the USA and in 2012 had sales of approximately 230 MSEK (around $36 million) with some 200 employees.

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Precorp Inc. was founded in 1986 and offers a full line of Polycrystalline Diamond (PCD) and carbide tools including drills, reamers, end mills, port tools, and micro tools to meet the requirements of high speed machining of die cast aluminium, carbide parts and the machining of advanced composite materials as well as many other materials. The company serves customers worldwide, primarily within the aerospace and automotive segments.

The cemented carbide tool plant in Valencia, Spain, is MMC's sole manufacturing site in Europe, operated by Mitsubishi Materials España, S.A.U ("MME"), a consolidated subsidiary of MMC. MME supplies drills, end mills, and inserts to European automobile and aerospace manufacturers. Due to the large European market and an expected growth in demand from the aerospace industry and Eastern Europe, we have been increasing production capacity. We aim to optimize the supply chain and strengthen BCP response by shipping from manufacturing sites close to consumers.

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MMC Group established "For people, society and the earth, circulating resources for a sustainable future" as Our Commitment. We will promote the expansion of resource recycling and the enhancing the supply of high-performance materials and products to fulfill Our Commitment.