Element Six acquires MegaDiamond’s cutting tool business
December 18, 2012
Element Six, a member of the De Beers Group of Companies and a leading producer of synthetic diamond supermaterials, has announced the acquisition of MegaDiamond’s cutting tool business from Schlumberger.
“We are delighted to welcome MegaDiamond’s cutting tool customers and team to Element Six. We look forward to continuing to deliver excellent service and quality to these valued customers”, stated Cyrus Jilla, Chief Executive Officer, Element Six. “We see this investment as another milestone in what has been a very positive year of development for the company. We are establishing a strong innovation and operational performance base. We look forward to working with all our customers to ensure they benefit from these strategic investments, especially in the enhanced performance of their products and applications,” added Jilla.
As the global aerospace and automotive markets increasingly adopt hard-to-machine materials there is a growing demand for more advanced precision tooling and materials. The MegaDiamond cutting tool business acquisition enables Element Six to continue to meet this requirement by expanding its capabilities and product portfolio through proprietary aerospace and automotive application-ready products and technology, stated the company.
The purchase will provide MegaDiamond cutting tool customers’ access to proprietary application materials technology across industry sectors not previously supported by MegaDiamond.
Element Six is continuing to position itself for strong growth through investments in its strategic capabilities and market segments. This includes the recent announcement of a $30m investment in the construction of the world’s largest and most sophisticated synthetic diamond supermaterials innovation facility.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]
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