Sandvik to Divest Its Exploration Business to Drillman
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Sandvik has signed an agreement to divest its exploration business to Drillman, a subsidiary of the M Group of companies, which is 100 percent owned and operated in Australia. Drillman provides equipment and technical support to the geotechnical, mineral exploration, horizontal, directional and upstream gas drilling sectors, among others.
The deal includes exploration rigs, consumables, and production stock, along with selected trademarks and patents. The business is currently reported in Sandvik Mining and Rock Technology.
“I am pleased that we have signed an agreement to sell our exploration business as this is in line with our focus to further improve the efficiency and profitability of our company,” said Stefan Widing, president and CEO of Sandvik.
“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.
“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.
Sandvik Mining and Rock Technology
Sandvik Mining and Rock Technology is a business area within the Sandvik Group and a global leading supplier of equipment and tools, service and technical solutions for the mining and construction industries. Application areas include rock drilling, rock cutting, crushing and screening, loading and hauling, tunneling, quarrying and breaking and demolition. In 2019, sales were approximately 45 billion SEK with about 14,000 employees in continuing operations.
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