Sumitomo Electric Strengthens Its Diamond Tooling Portfolio
The Sumitomo Electric Esteves Group acquisition marks a major step in Sumitomo Electric Industries’ (SEI) global expansion strategy. SEI has acquired the Esteves Group, a leading supplier of diamond tooling for the wire and cable industry. The deal, finalized on September 9, took place through Torque Capital Partners (Torque), which sold Esteves Group via its portfolio company Diamond Tools Group B.V. (DTG) to AL.M.T. Corp. (ALMT), a subsidiary of SEI.
ALMT, known for its expertise in tungsten and carbon powders and diamond/CBN tools, builds on SEI’s extensive expertise in advanced materials and manufacturing. Torque Capital Partners originally acquired the Esteves Group in 2018.
Leveraging Global Synergies for Expansion
SEI plans to integrate both companies’ diamond die product lines, technologies, sales networks, and service capabilities. This merger positions SEI and ALMT to accelerate market expansion across Europe and the United States. According to SEI’s statement, the Esteves Group brand will remain active, maintaining its current services and client support structure.
Esteves Group Continues Legacy of Innovation
Founded in 1913, the Esteves Group has become a cornerstone in the wire and cable industry. Its product range includes wire drawing dies, extrusion tools, and precision specialty tools. With seven manufacturing and service facilities across six countries in Europe, North America, and Asia, the company has built a strong global foundation for technological and operational excellence.
Building a Global Leader Together
The acquisition enables SEI and ALMT to enhance their global footprint, uniting complementary customer segments, advanced processes, and cutting-edge innovation. SEI will work closely with the Esteves leadership team to strengthen its commitment to becoming a global leader in wire drawing dies for the wire and cable industry.
Esteves Group CEO Manuel Geremias expressed optimism, stating that the partnership builds on a long-standing relationship and shared corporate values. “This combination creates a global leader with unmatched expertise, advanced technologies, and vast market reach,” he said. “We look forward to continued growth and success that supports our customers worldwide.”
A Broader Global Network
According to SEI, as of April 1, 2023, the company operates in more than 40 countries with 414 subsidiaries and affiliates and employs over 208,000 people worldwide. This acquisition reinforces SEI’s mission to drive innovation and growth in advanced materials and industrial tooling on a global scale.