"In line with our strategy, this demonstrates how we gear up for growth organically and through acquisitions in areas where we are stable and profitable, aiming for world-leading market positions. I welcome Inrock to our Group", said Björn Rosengren, CEO and president of Sandvik.
The combination of Sandvik Mining and Rock Technology and Inrock will support further development of the HDD product portfolio to customers operating and servicing infrastructure applications such as oil and gas pipelines, water and sewer, telecommunications, electricity and alternative energy production and storage. This includes expanding into the midi rig segment, accelerating the global footprint of the business but also realizing synergies within production.
Headquartered in Houston, USA, Inrock had revenues of US$46 million and 70 employees in 2017. Impact on earnings per share will initially be neutral to slightly positive. Parties have agreed not to disclose the purchase price.