Sandvik Sells Exploration Business to Drillman
09 Outubro 2020 - 7:56AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish engineering group Sandvik AB said Friday that
it has agreed to sell its exploration business to Drillman, a
subsidiary of Australia's M Group of Companies.
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.
"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," Sandvik Chief Executive Stefan
Widing said.
In 2019, the exploration business had revenue of about 450
million Swedish kronor ($50.8 million) and a margin slightly
dilutive to Sandvik's mining and rock technology unit.
The parties have agreed to not disclose the purchase price.
Closing is expected during the fourth quarter of 2020.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 09, 2020 06:41 ET (10:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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