Sandvik To Acquire Drilling Solutions Provider
Sandvik AB has signed an agreement with Cubex Ltd. to acquire its drilling solutions business and operations. The business to be acquired by Sandvik is focused on the design and manufacture of a range of underground in-the-hole (ITH) and geo-technical drilling equipment.
“We already have a strong cooperation with Cubex,” said Gary Hughes, president, Sandvik Mining. “Since 2009 Sandvik has served as a global distributor responsible for sales and service of Cubex.
“The acquisition is in line with Sandvik’s long-term strategy of continued profitable growth and to deliver increased customer value. Cubex’s knowledge of the ITH drilling method complements Sandvik’s already extensive offering in underground drilling.”
Based in Winnepeg, Manitoba, Canada, Cubex’s drilling equipment business had a turnover of about 270 MSEK ($42 million) and about 110 employees in 2012. Its products are distributed globally, with its current main markets in the United States, Canada, Africa, South America, and Australia.
The acquisition is expected to be completed during the second quarter 2013.