Sumitomo Electric-backed A.L.M.T. completed the acquisition of Esteves Group from Diamond Tools and Torqx Capital.

Sumitomo Electric-backed A.L.M.T, a provider of cutting edge diamond tool solutions, completed the acquisition of Esteves Group, a manufacturer of precision diamond tools for the wire and cable industry worldwide, from Diamond Tools, a manufacturer of diamond cutting tools and diamond wire dies, and Torqx Capital, a private equity firm. Financial terms were not disclosed. "Through this acquisition, A.L.M.T. will utilize both companies’ diamond die product lineups, technological capabilities, sales networks, and service bases to further strengthen its global business development, including the expansion of sales channels in Europe and the United States," Sumitomo Electric.