Amherst-based N.C. Industries, known locally as Niagara Cutter, has agreed to be acquired by Seco Tools, a Swedish company.
Terms of the deal were not disclosed. The purchase, through a U.S. affiliate of Seco, is set to be completed next Wednesday.
NCI and an affiliated company, Diamond Tool Coating, will remain separate entities following the acquisition, and Sherwood Bollier will continue to be president of those two companies.
"We are very excited to become affiliated with this great international company and firmly believe that this will enable us to continue our long-term growth plans," Bollier said in a statement. He was not available to comment on Wednesday.
Niagara Cutter was founded in 1954 in North Tonawanda by Roger W. Bollier, the father of the current president. It has manufacturing operations in Reynoldsville, Pa., and Athol, Mass.; it closed its North Tonawanda manufacturing plant in 1996.
NCI makes solid carbide end mills under the Niagara Cutter and Arch Micro Tools brands. DTC makes wear-resistant diamond coatings. The two companies have combined annual sales of about $37 million and 182 employees, 14 of whom are at the Amherst headquarters. Most of the two companies' customers are in the aircraft and power generation industries, and the metalworking industry.
"The end mill product area is regarded as strategically important, among other things for high-speed machining capability and the ability to close tolerance requirements," Kai Warn, Seco Tools' president and chief executive officer, said in a statement. "The acquisitions will strengthen Seco Tools' position and market share in this segment in general and the important U.S. market in particular."
Seco Tools in 2009 reported revenues of about $680 million and had about 4,400 employees worldwide.