Epiroc, a leading productivity partner for the mining, infrastructure and natural resources industries, has agreed to acquire Innovative Mining Products (Proprietary) Limited, widely known as New Concept Mining, a South African manufacturer of rock reinforcement products for underground mining.
Innovative Mining Products is based in Johannesburg, South Africa, and has facilities also in Peru, Zambia and Canada. It manufactures a comprehensive range of underground mining roof support products, rock monitoring systems and related accessories. Innovative Mining Products has about 900 employees and had revenue in the past 12 months through September 30, 2018, of about ZAR 950 million (SEK 600 million).
“This acquisition will enable us to strengthen our global position in the hard rock bolting market,” said Helena Hedblom, Epiroc’s Senior Executive Vice President Mining and Infrastructure. “We are happy to combine forces with the strong team at Innovative Mining Products to bring the best rock reinforcement solutions to mining customers.”
The acquisition is expected to be completed in the first quarter 2019, pending approval from regulatory authorities. The purchase price is not material relative to Epiroc’s market capitalization and is not disclosed. The business will become part of Epiroc’s Rock Drilling Tools division, and will continue to be based in Johannesburg.
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