Sandvik, a Swedish multinational engineering company, agreed to acquire Frezite, a provider of polycrystalline diamond tools for metal and wood applications. Financial terms were not disclosed. "With the acquisition of Frezite, we take another important step in our shift to growth strategy. We have a clear ambition for our machining solutions business to increase our presence and strengthen our expertise in PCD tooling for lightweight materials," Stefan Widing, Sandvik CEO and President.