Epiroc, a productivity partner for the mining and infrastructure industries, has completed the divestment of its geotechnical consumables product line.
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.
Epiroc is a leading global productivity partner for the mining and infrastructure industries. With cutting-edge technology, Epiroc develops and produces innovative, safe and sustainable drill rigs, rock excavation and construction equipment and tools. The company also provides world-class service and solutions for automation and interoperability. Epiroc is based in Stockholm, Sweden, had revenues of SEK 38 billion in 2018, and has more than 14,000 passionate employees supporting and collaborating with customers in more than 150 countries.
About Mimir Invest
MIMIR is a global investment firm acquiring non-core business units of larger corporations as well as private companies that need operationally oriented ownership. They deliver transaction solutions to demanding Sellers in all industries. Their team has specific expertise in manufacturing, industrials, pharma & chemicals, medical devices, software & hardware, and paper & pulp.
Source: Epiroc, Mimir