Swedish manufacturer Sandvik has agreed to acquire the drilling solutions business of Cubex Ltd.
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Cubex is a drilling solutions provider that manufactures a wide range of underground in-the-hole and geo-technical drilling equipment. Cubex’s main markets are the U.S., Canada, Africa, South America and Australia.
In 2012, the acquired business of Cubex had a turnover of about SEK 270 million (US$42.2 million) and about 110 employees. The head office and manufacturing facility is based in Winnipeg, Canada.
The acquisition is expected to be completed during the second quarter.
"Cubex’s knowledge of the ITH drilling method complements Sandvik's already extensive offering in underground drilling," said Gary Hughes, president of the Sandvik Mining business.