Anglo American’s Ferrous Metals and Industries Division has announced the sale of Wendt, a company within the Boart Longyear group. Wendt specialises in the development of grinding solutions for hard materials (tungsten carbide, ceramics and polycrystalline hardmaterials), steel and glass.
Wendt has been sold to 3i Group plc, Europe's leading private equity company, for an enterprise value of US$90 million.
Philip Baum, CEO of Anglo Ferrous Metals and Industries said: “This transaction further advances our strategy of reshaping the Division around core businesses. We have ensured that Boart Longyear receives full value and that Wendt’s future is assured.”