Thursday , June 13 2024

Atlas Copco acquire exploration manufacturing firm

Solutions provider Atlas Copco has announced intentions to acquire the assets of Renegade Drilling Supplies a South African manufacturer and distributor of drilling consumables for mining exploration.

According to the Group the business will become part of Epiroc South Africa’s Rock Drilling Tools division.

Epiroc is a wholly-owned subsidiary of the Atlas Copco Group created when Atlas Copco split into two separate international groups of companies in 2017.

The development saw Atlas Copco’s Mining & Rock Excavation Technique Business Area together with its Construction Tools division form part of Epiroc with a mining and civil engineering sector focus.

Epiroc AB is planned to be listed on the stock exchange in 2018. The industrial businesses remain with Atlas Copco.

Renegade Drilling is based in Johannesburg, South Africa, and sells its products throughout the Southern African region.

The company manufactures and distributes mining exploration drilling consumables, such as drill rods, in-the-hole tools and diamond drill bits. It has 22 employees.

“We are happy to bring the strong team at Renegade Drilling into our Group,” said Helena Hedblom, President of Atlas Copco’s Mining and Rock Excavation Technique business area.

“This acquisition will expand our product portfolio and establish a regional footprint for manufacturing of mining exploration consumables.”

The acquisition is expected to be completed shortly and the purchase price is not materially significant to Atlas Copco’s market capitalisation.

Check Also

Marula Mining Scores Big with Kenyan Manganese Licence

In a move that could position them as a major player in the East African …