Atlas Copco acquires holding in Indian drilling technology companies
- 17 May 2008
- Company & Industry News
Atlas Copco (India) Ltd has signed an agreement to acquire 25% of Focus Rocbit Pvt Ltd and Prisma Roctools Pvt Ltd in India, to strengthen the Group's position in the market for drill bits and hammers.
Focus Rocbit Pvt Ltd is a manufacturer of bits for rotary drilling and Prisma Roctools Pvt Ltd makes bits and hammers for down-the-hole drilling. The privately-owned companies, which largely have the same shareholders, have combined annual revenues of about MSEK 65 (MUSD 10) and 114 employees. Sales are mainly to India, Australia, South Africa and the United States. The head offices and manufacturing facilities are located in Hyderabad, India.
"The acquisitions add a competitive range of products for customers in India and selected markets," says Bj÷rn Rosengren, Business Area President, Construction and Mining Technique. "They will also allow us to further develop and grow our rock drilling business in order to benefit from the current growth in the mining, construction and water well sectors"
The businesses will operate as joint ventures within Atlas Copco's Secoroc division. Atlas Copco has an option to acquire the remaining shares in both companies.
Atlas Copco may be required to disclose the information provided herein pursuant to the Securities Markets Act.