Effective May 2, Kyocera Corp. will acquire 100 percent ownership of the SGS Tool Co., to expand the Japanese company's current North American cutting tool business by 2.5 times by March 31, 2019, according to Kyocera President Goro Yamaguchi, who announced the deal in a company news release issued March 30.

By incorporating SGS Tool, which is based in Munroe Falls, Ohio, Kyocera plans to create a business structure capable of providing total solutions and strengthen its business globally as a comprehensive cutting tool manufacturer, according to the Kyocera news release. SGS Tool will be renamed Kyocera SGS Precision Tools Inc.

The Kyocera Corp. is the parent and global headquarters of the Kyocera Group, and was founded in 1959 as a producer of fine ceramics. Since combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of cutting tools, industrial ceramics, solar power generating systems, mobile phones, printers, copiers, electronic components and semiconductor packages. During the year ended March 31, 2015, the company's net sales totaled about $12.7 billion.