Dormer Pramet has completed the previously announced acquisition of Miranda Tools, a manufacturer of High-Speed Steel (HSS) cutting tools in India.
With a corporate base in Mumbai and several manufacturing facilities in the state of Gujarat, Miranda is one of the leading domestic brands of drills, taps, milling cutters, tool bits and saws.
Following six months of activity to finalize the acquisition, more than 580 employees will now become part of Dormer Pramet, a global manufacturer of cutting tools and enhances the company’s existing production capabilities in Brazil, Czech Republic and the USA.The deal strengthens Dormer Pramet’s round tools offer for the general engineering, automotive component manufacturing and MRO industries in India and around the world.
An inauguration ceremony took place at the main Miranda production unit in Ankleshwar, marking the first day since the acquisition from the Ashok Piramal Group.
Angala Srinivasan was introduced as the new production unit manager, responsible for all Miranda Tools manufacturing facilities. Gautam Ahuja, managing director of Dormer Pramet India, was also presented to employees, along with several key representatives.
Meanwhile, due to the COVID-19 pandemic and restrictions on international travel, Stefan Steenstrup, Dormer Pramet president provided a welcome address via video link.
Stefan said: “We are delighted to complete the acquisition of Miranda Tools and have them as part of our global team. We look forward to an exciting journey together. I would like to thank the previous owners, Ashok Piramal Group, for their support and dedication in finalizing the deal.
“This year is the 75th anniversary of Miranda Tools, a business which has always been at the forefront of industrial developments in India. It is therefore fitting that in this milestone year the brand returns to its metalworking heritage by becoming part of Dormer Pramet, a leading manufacturer of cutting tools for more than a century.
“We see this acquisition as business as usual and I would like to reassure all our customers and partners that it will not impact on their ability to receive the products they need, when they need them.”