Japan’s Sumitomo Electric Industries (SEI) has acquired the Esteves Group, a global supplier of diamond tooling of the wire and cable industry, for an undisclosed sum.

A press release said that the Sept. 9 closing was made through Torque Capital Partners (Torque), which announced that its portfolio company Diamond Tools Group B.V. (DTG) has agreed to sell the Esteves Group to AL.M.T. Corp. (ALMT), a subsidiary of SEI. ALMT’s product lines include a range of tungsten and carbon powders and diamond/CBN tools. Torque had acquired Essex in 2018.

“With this acquisition, we will be able to leverage both companies’ diamond dies product lineups, technological capabilities, sales networks, and service bases to further strengthen our business development, including market expansion into Europe and the United States,” the release said. It notes that the Esteves Group brand will continue to be used, and that there will be no major changes to existing service and support structure.

The portfolio of the Esteves Group, founded in 1913, includes wire drawing dies, extrusion tools and specialty tools. The company has seven strategically located facilities in six countries in Europe, North America and Asia.

The acquisition of Esteves Group will enable SEI and ALMT to significantly expand its geographical presence and accelerate its global growth, the release said. The merger will bring together complementary customer segments and innovative solutions. “SEI will support Esteves Group’s management team in realizing its business ambitions (to be a) global leader of wire drawing dies for the wire and cable industry.

“We are very excited about the prospect of joining forces with ALMT, a merger based on decades-long business relation and shared corporate values,” Esteves Group CEO Manuel Geremias said. “The combination will create a global leader with a wealth of know-how, the most advanced technological capabilities and the deepest market reach. We look forward to a prosperous collaboration that will enable us to meet the evolving needs of our clients and maintain our industry leadership.”

Per the SEI website, as of April 1, 2023, the entity has operations in more than 40 countries, with 414 subsidiaries and affiliates, and more than 208,000 employees.