Image credit: Drillman – drillman.com.au
Manufacturer Sandvik has signed an agreement to sell its exploration business to Drillman. The deal includes exploration rigs, consumables and production stock, along with selected trademarks and patents. In 2019, the Exploration business of Sandvik had revenues of about SEK 450 million (USD 52.790 million).
Drillman is an Australian subsidiary of M Group providing equipment and technical support to the Geotechnical, Mineral Exploration, Horizontal, Directional and Upstream Gas Drilling sectors, among others. ‘We are very excited to acquire Sandvik’s Exploration business and look forward to collaborating throughout the transition. The acquisition forms part of our long-term strategy to expand our international footprint and we are eager to introduce our passion for the mining and exploration business into the global market,’ said Harry Mostert, CEO for M Group of Companies.
‘I believe we have found a good home for our Exploration business in Drillman, who will support in the further development of its operations and performance,’ said Henrik Ager, President of Sandvik Mining and Rock Technology.
Sandvik and Drillman have agreed not to disclose the purchase price and the closing is subject to relevant regulatory approvals. The transaction is expected to complete during the fourth quarter of 2020.
Read more: https://www.home.sandvik/en/news-and-media/newslist/news/2020/10/sandvik-to-divest-its-exploration-business/