Sandvik to Acquire Australian Based UDR Group
Sandvik, Stockholm, Sweden, has signed an agreement with Major Drilling Group International Inc., Canada, to acquire the business and assets of the Australian company UDR Group, including its business units in Australia and Chile.
UDR Group is a manufacturer and supplier of surface mineral exploration drill rigs. UDR Group reported sales for the last business year of about SEK 275 M (AUD 48 M) and has approximately 100 employees.
The purchase price for the transaction was AUD 46 M on a cash and debt free basis, subject to customary working capital related post closing adjustments.
UDR Group becomes part of Sandvik Mining and Construction as of that date.
"The acquisition is in line with the Sandvik Group's long-term strategy of continued ...