Sandvik completed the acquisition of Sphinx Tools.

Sandvik, a Swedish multinational engineering company, completed the acquisition of Sphinx Tools, a precision tools manufacturer. Financial terms were not disclosed. "With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high growth area of micro tools," Stefan Widing, Sandvik CEO and President.