Tübingen, Germany—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 tool holders 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 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. 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.
Walter, a global leader in the metalworking industry for over 100 years, offers a wide range of precision tools for milling, turning, drilling and threading applications. The company helps customers in the aviation and aerospace industries, automotive, energy, and general industry improve process reliability and increase productivity. As an innovative partner capable of creating digital process solutions for optimal efficiency, Walter is pioneering Industry 4.0 throughout the machining industry. With Regional Headquarters in Waukesha, WI, Walter markets its competence brands Walter, Walter Titex, Walter Prototyp and Walter Multiply through a network of channel partners and field engineers across the USA, Canada, Mexico and Brazil. www.walter-tools.com/us
Established in 1960 in Nahariya, Israel, VARGUS is the tooling division of the NEUMO Ehrenberg Group, one of Europe's largest privately owned manufacturers and distributors of stainless-steel products and metal cutting tools. VARGUS is a world-leading manufacturer of high-quality threading, grooving and deburring tools for the metals and plastics industries. With 12 subsidiaries around the world and their local tooling specialists, VARGUS is serving all major manufacturing industries. VARGUS offering of thread milling and thread turning tools is one of the most extensive in the world, together with the unique GENius tool selection and CNC program generator.
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