Tornos Holding AG (SWX:TOHN) said on May 30, 2023 that its board of directors has decided to evaluate a possible merger with Starrag Group Holding AG (SWX:STGN) to expand its market presence. The two companies are currently in talks which are at a very early stage. Tornos said it will inform in due course about the results of the evaluation of the merger project and about the next steps of negotiations with Starrag.

The potential tie up would provide “significant synergies in all business areas” and would bring both partners a “greater market presence and stronger market penetration”. This would result in growth opportunities in all target markets, Tornos said. In case of a merger, Tornos and Starrag brands are to be retained.

No job cuts would be planned in this context either.