RAPAPORT... Element Six acquired MegaDiamond’s cutting tool business from Schlumberger to strengthen its position in abrasive supermaterials for automotive and aerospace cutting tool applications. The independently managed De Beers synthetic diamond division contended that the global aerospace and automotive markets increasingly adopt hard-to-machine materials, such as carbon-fiber-reinforced plastics and there is a growing demand for more advanced precision tooling and materials.
The MegaDiamond cutting tool business enables Element Six to continue to meet these emerging business requirements by expanding its capabilities and product portfolio through proprietary aerospace and automotive application-ready products and technology, according to De Beers.
Also, this transaction will provide MegaDiamond cutting tool customers’ access to proprietary application materials technology across industry sectors that were not previously supported.
“We are delighted to welcome MegaDiamond’s cutting tool customers and team to Element Six. We look forward to continuing to deliver excellent service and quality to these valued customers,” said Cyrus Jilla, the chief executive of Element Six. “We see this investment as another milestone in what has been a very positive year of development for the company. We are establishing a strong innovation and operational performance base. We look forward to working with all our customers to ensure they benefit from these strategic investments, especially in the enhanced performance of their products and applications.”