Epiroc sold 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 was part of Epiroc’s Rock Drilling Tools division. The product line employed about 40 people in Epiroc who will all transfer to the new business. The business generated about MSEK 275 in revenue in 2018.
Epiroc announced on June 11, 2019, that it had entered an agreement to sell the business to Mimir Invest.
The sales price is not material to Epiroc’s market capitalization and is not disclosed.