Joint venture for the production of tool holders
Tuebingen, Germany, 25 March 2021. Walter AG, headquartered in Tuebingen, Germany, and Vargus Ltd., headquartered in Nahariya, Israel, have established the joint venture VWR Cutting Tools S.R.L. The two precision tool manufacturers each hold equal shares in the new business. A joint production company that manufactures tool holders will be established at the Vargus production site Ploiesti near Bukarest, Romania.
Walter and Vargus signed the contract for the joint venture on February 26, 2021. VWR Cutting Tools S.R.L is expected to start production in November 2021 with some 20 employees.
Richard Harris, President of Walter, says: "The joint venture in Romania is a further investment in the globalization and growth of our company. With Vargus, we have a strong partner and specialist for tools at our side."
Vargus Ltd has been operating their manufacturing plant in Romania since 2017. The planned expansion of this plant will serve exclusively the production of tool holders for Vargus and for Walter. The purpose of the new company VWR Cutting Tools S.R.L. is to improve the overall supply chain of these products in Europe and USA.
"We have been working with Walter in a trusted relationship for over 20 years. With the joint venture, we are taking another step together to position ourselves optimally for the future," says Harry Ehrenberg, President of Vargus Ltd.
Walter was founded in 1919 and is now one of the world's leading metalworking companies. As a provider of specialized machining solutions, Walter offers a wide range of precision tools for milling, turning, drilling and threading applications. Walter works together with its customers to develop customised machining component solutions for use in the aviation and aerospace industries, as well as automotive, energy, and general engineering. Demonstrating its Engineering Kompetenz at every stage of the machining process, Walter is an innovative partner capable of creating digital process solutions for optimal efficiency. With around 3 500 employees worldwide, together with its numerous subsidiaries and sales partners, Walter serves customers in over 80 different countries.
About Vargus Ltd
Established in 1960 in Nahariya, Israel, VARGUS is the tooling division of the NEUMO Ehrenberg Group, one of Europe's largest privately owned manufacturers and distributors of stainless-steel products and metal cutting tools. VARGUS is a world-leading manufacturer of high-quality Threading, Grooving and Deburring tools for the metals and plastics industries. With 12 subsidiaries around the world and their local tooling specialists, VARGUS is serving all major manufacturing industries. VARGUS offering of Thread Milling and Thread Turning tools is one of the most extensive in the world, together with the unique GENius tool selection and CNC program generator. The deployment of the sales network ensures high level of service and availability.