Walter Announces Joint Venture with Vargus
June 1, 2021
Walter AG, headquartered in Tübingen, Germany, and Vargus Ltd., headquartered in Nahariya, Israel, have established a joint venture named VWR Cutting Tools S.R.L. The two precision tool manufacturers each hold equal shares in the new business. The joint production company will manufacture toolholders and be located at the Vargus production site in Bucharest, Romania.
Walter and Vargus signed the contract for the joint venture on February 26, 2021 and is expected to start production in November 2021 with some 20 employees.
Richard Harris, President of Walter, said, "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 its manufacturing plant in Romania since 2017. The planned expansion of this plant will serve exclusively the production of toolholders 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 the U.S. For the North American market, this will include production of grooving tools.
"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," said Harry Ehrenberg, President of Vargus Ltd.
For more information contact:
Walter USA LLC
N22 W23977 RidgeView Pkwy West
Suite 100
Waukesha, WI 53188
800-945-5554
www.walter-tools.com/us
< back