Atlas Copco Buys Swedish Drilling Equipment Company
16 January 2014 - 9:10PM
Business Wire
Atlas Copco (STO:ATCOA)(STO:ATCOB), a leading provider of
sustainable productivity solutions, has agreed to acquire
Geawelltech, which sells, rents out and manufactures well- and
geotechnical drilling equipment.
Gruv Entreprenad Anläggning Welltech System AB, based in
Jonsered, Sweden, has annual revenues of about MSEK 90 (MUSD 14).
Geawelltech has for many years been an Atlas Copco distributor of
well- and geotechnical drilling equipment, and the majority of
revenues are generated from this business. The company also
manufactures drilling rigs suitable for a wide range of
applications. Geawelltech has 19 employees.
“Geawelltech has a strong position in Sweden as a one-stop-shop
supplier for customers within well- and geotechnical drilling,”
said Johan Halling, Business Area President, Atlas Copco Mining and
Rock Excavation Technique. “Ground engineering is a strategic
segment for us, and this fits perfectly with the existing Atlas
Copco product portfolio.”
The acquisition is expected to close in the first quarter. The
acquired business will become part of Atlas Copco’s new Surface and
Exploration Drilling division in the Mining and Rock Excavation
Technique business area.
Atlas Copco is an industrial group with world-leading positions
in compressors, expanders and air treatment systems, construction
and mining equipment, power tools and assembly systems. With
innovative products and services, Atlas Copco delivers solutions
for sustainable productivity. The company was founded in 1873, is
based in Stockholm, Sweden, and has a global reach spanning more
than 170 countries. In 2012, Atlas Copco had 39
800 employees and revenues of BSEK 90.5 (BEUR 10.5).
Learn more at www.atlascopco.com.
Atlas Copco’s Mining and Rock Excavation Technique business area
provides equipment for drilling and rock excavation, a complete
range of related consumables and service through a global network.
The business area innovates for sustainable productivity in surface
and underground mining, infrastructure, civil works, well drilling
and geotechnical applications. Principal product development and
manufacturing units are located in Sweden, the United States,
Canada, China and India.
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Atlas CopcoJohan HallingBusiness Area President, Mining and Rock
Excavation Technique+46 (0)8 743 8314orOla KinnanderMedia Relations
Manager+46 (0)8 743 8060 or +46(0)70 347 2455