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Atlas Copco Buys Swedish Drilling Equipment Company - Atlas Copco, a leading provider of sustainable productivity solutions, has agreed to acquire Geawelltech, which sells, rents out and manufactures well- and geotechnical drilling equipment - AtlasCopco.com
Atlas Copco Buys Swedish Drilling Equipment Company

 

PRZOOM - /newswire/ - Stockholm, Sweden, 2014/01/16 - Atlas Copco, a leading provider of sustainable productivity solutions, has agreed to acquire Geawelltech, which sells, rents out and manufactures well- and geotechnical drilling equipment - AtlasCopco.com.

   
 
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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.

For further information please contact: Johan Halling, Business Area President, Mining and Rock Excavation Technique +46 (0)8 743 8314

About Atlas Copco

Atlas Copco (atlascopco.com) 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 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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Agency / Source: Atlas Copco AB

 
 

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Atlas Copco Buys Swedish Drilling Equipment Company

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Atlas Copco | Geawelltech
Contact: Ola Kinnander - AtlasCopco.com 
+46(0)8 743 8060 /+46(0)70 347 2455 media[.]se.atlascopco.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Atlas Copco AB securities in any jurisdiction including any other companies listed or named in this release.

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