Epiroc completes Acquisition of Canadian Exploration Tools Manufacturer
Epiroc, a leading productivity partner for the mining, infrastructure and natural resources industries, has completed the acquisition of Fordia Group Inc., a Canadian manufacturer of exploration drilling tools.
Fordia Group is based in Montreal, Canada, and has sales in more than 70 countries. It provides exploration drilling tools such as diamond bits, down-the-hole tools, drill rods and drill casings, as well as water treatment systems and pumps, used by mining houses and drilling contractors. Its high-quality solutions are known in the industry to benefit customers by for example improving penetration rates and extending bit life. Fordia has about 250 employees and had revenues for the 12 months ended September 2018 of about CAD 85 million (SEK 580 million).
Epiroc announced on October 23, 2018, that it had agreed to acquire Fordia. The purchase price is not material relative to Epiroc’s market capitalization and is not disclosed. The business becomes part of Epiroc’s Rock Drilling Tools division, and will continue to be based in Montreal.
Source: Epiroc