Peterson Tool Announces Company Acquisition to Employees

Peterson Tool Announces Company Acquisition to Employees Posted on May 13, 2022

On May 10, 2022, Peterson Tool Company announced their acquisition by GWS Tool Group, a division of Sandvik. Peterson President and CEO Diane Peterson Edwards joined with her mother and Nancy Peterson Hearn to share the news with the staff, noting that the succession plan of the company was a decision they considered very carefully.

“All of us at Peterson Tool Company are thrilled to be joining GWS Tool Group,” Diane said. “From humble beginnings to record growth and global leadership in special cutting tool solutions, we see this as a natural evolution and a perfect fit for both our company and GWS. Knowing that our highly skilled employees will be a part of a renowned brand is truly gratifying and will be a huge benefit to our customers for years to come.”

“It is with mixed feelings that I speak to you today! I am both sad and happy,” Nancy said. “Since this company started in 1958, the people at Peterson Tool have been a huge part of my family. Through your dedication, skill, and hard work, the people of this company have helped take care of me and my family for so many years. Now it is time for me to pay it forward and to take care of all of your futures. Over the last five years, with the incredible help of my daughter Diane and her husband William, I have been working on a succession plan. Their work has been phenomenal in creating our marriage to GWS Tool Group, and I am eternally grateful. This was a heavyweight on my shoulders and now, I can fly. It is a great time to move on and celebrate. I admire and respect you all, and without you I could never have succeeded in making my late husband John’s dream come true.”

We Make Custom Tools... for Any Machine... Every Day.