Strategy and growth
Shift to growth
Sandvik Machining Solutions saw strong growth in key areas such as round tools, a strategic growth priority in which we made a number of acquisitions in 2022. We strengthened our position in the growing markets of aluminium machining and electric vehicles with our acquisitions of Portugal-based Frezite and Spain-based Preziss. We also acquired Sphinx Tools, a Swiss manufacturer of surgical cutting tools and micro precision tools, which are used in the growing electronics, medical and micro-machining industries. The acquisitions of Peterson Tool Company and Balax will further solidify our position in the strategically important US market.
A main focus during the year was the integration of the acquisitions made in 2021 and 2022, working on developing combined offerings for increased customer value. A combination of customer-centric sales programs and new solutions contributed to organic growth.
In the Computer Aided Manufacturing (CAM) space, we are securing interoperability across Sandvik software assets and the cutting tools business. As we are successively connecting more manufacturing systems and process steps, we create new value streams for our customers and ourselves.
We have a brand-agnostic approach, which means that our solutions can operate with our own and 3rd party solutions on the market. This is how we ensure that data can be shared between tooling systems and software solutions across the entire manufacturing process, enabling improved productivity, predictability, quality and tool life, and minimizing waste and energy consumption.
Sandvik is uniquely placed to take a leading position by leveraging our strong market presence in tools hardware combined with software and digital solutions, providing increased productivity for our customers.
Our Vericut® software is the industry standard for CNC machine simulation and optimization for which we see increased demand from our traditional Sandvik tool customers. We also saw increased demand for tool data management solutions such as Cribwise® and TDM®.
We continued to develop our Lighthouse program, where we collaborate with customers to support them on their digitalization journey through Sandvik solutions and together drive the development towards productive closed loop component manufacturing.