Sandvik to acquire Canadian drilling solutions provider
SANDVIKEN, Sweden -- March 6, 2013
Sandvik (STO:SAND) has signed an agreement with Cubex Limited (CUBEX) to
acquire its drilling solutions business and operations.
CUBEX is an industry-leading drilling solutions provider focused on design and
manufacturing of a wide range of underground in-the-hole (ITH), and
geo-technical drilling equipment. CUBEX products are distributed globally, and
the current main markets are the United States, Canada, Africa, South America,
In 2012, the acquired business of CUBEX had a turnover of about 270 MSEK and
about 110 employees. The head office and manufacturing facility is based in
The acquisition is expected to be completed during the second quarter 2013.
“We already have a strong cooperation with CUBEX and since 2009 Sandvik serves
as global distributor responsible for sales and service of CUBEX products
worldwide. 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”, says Gary Hughes, President of the Sandvik
Mining business area.
Stockholm, 6 March 2013
Sandvik AB discloses the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at 19:00 CET on 6 March 2013.
The Sandvik Group Sandvik is a global industrial group with advanced products
and world-leading positions in selected areas – tools for metal cutting,
equipment and tools for the mining and construction industries, stainless
materials, special alloys, metallic and ceramic resistance materials as well
as process systems. In 2012 the Group had about 49,000 employees and
representation in 130 countries, with annual salesof more than98,000 MSEK.
Sandvik Mining Sandvik Mining is a business area within the Sandvik Group and
a leading global supplier of equipment and tools, service and technical
solutions for the mining industry. The offering covers rock drilling, rock
cutting, rock crushing, loading and hauling and materials handling. In 2012
sales amounted to about 37,800 MSEK, with approximately 14,000 employees.
This information was brought to you by Cision http://news.cision.com
Gary Hughes, President
tel +31 207091350
Magnus Larsson, Vice President Investor Relations
tel +46 8 456 12 40.
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