Joint venture for the production of tool holders.
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 globalisation 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.