Boart Longyear has sold its hard materials and soft rock tools division ("HMSR") to Equita Management GmbH ("Equita"), a private equity situated in Bad Homburg , Germany .

HMSR, a Boart Longyear operating division for the last 24 years, produces, markets and distributes components made of tungsten carbide, tungsten carbide and steel composites and ceramics for industrial and mining applications.

Its principal products are specially-engineered wear parts used in all types of industrial applications; mining inserts used for rotary percussive drill bits; softrock cutting tools for coal and other soft minerals, as well as road planning picks used for the removal of road surface materials in the reconstruction process. Customers include, industrial businesses looking for solutions to their wear problems, the mining industry involved in the extraction of all types of minerals and construction firms involved in road reconstruction.

HMSR has 790 employees and manufacturing facilities in Germany , South Africa and China .

Boart Longyear CEO Paul Brunner says, "I am pleased that Equita has purchased Boart Longyear's HMSR business.

"While HMSR has been a wonderful business for our company, it is not core to our drilling focus and the move to new ownership is a positive step for its future and that of its employees. Boart Longyear's strategy is to focus on opportunities for our drilling products and services.

"We have grown HMSR as far as we can and are confident that Equita will take it to the next level."