Swedish mining equipment and metal-cutting tools maker Sandvik has agreed to sell its exploration business to Drillman, a subsidiary of Australia’s M Group, Sandvik said in a statement on Friday.
The deal includes exploration rigs, consumables and production stock, along with selected trademarks and patents, Sandvik said.
“I am pleased that we have signed an agreement to sell our exploration business as this is in line with our focus to further improve the efficiency and profitability of our company,” Sandvik CEO Stefan Widing said in a statement.
The exploration business had sales of about 450 million Swedish crowns ($50.82 million) in 2019.
The parties have agreed not to disclose the purchase price and the closing is subject to relevant regulatory approvals, Sandvik said.
($1 = 8.8540 Swedish crowns)
(By Johannes Hellstrom; Editing by Simon Johnson)
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