Sandvik to acquire Canadian drilling solutions provider
| Source:Sandvik AB
Sandvik 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, and
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.
For further information contact: Gary Hughes, President, Sandvik Mining, tel +31
207091350 or Magnus Larsson, Vice President Investor Relations, Sandvik AB, tel
+46 8 456 12 40.
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 sales of more than 98,000 MSEK.
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.
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