Epiroc agreed to sell the business to Mimir Invest AB, a global investment firm based in Stockholm, Sweden. The products are manufactured and assembled in Finland, Scotland and the United States, and consist mainly of large down-the-hole hammers and related drill bits and casing advancement systems. It is part of Epiroc’s Rock Drilling Tools division. About 40 Epiroc employees work with this product line and will follow the business. The business generated about SEK 275 million in revenue in 2018.
“We have found a better home for this business, which we have defined as a non-strategic core area for us,” said Helena Hedblom, Epiroc’s Senior Executive Vice President Mining and Infrastructure. “We believe it will have a good future with the new owner.”
The transaction is expected to be completed later this year. The sales price is not material to Epiroc’s market capitalization and is not disclosed.