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COMPANY AND PRODUCT NEWS - Sandvik acquires Australian-based UDR Group |
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Sandvik 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 one of the market's leading manufacturers and suppliers 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 Aus$46 million on a cash and debt-free basis, subject to customary working capital related post closing adjustments.
"The acquisition is in line with the Sandvik Group's long-term strategy of continued profitable growth. With this acquisition and the recently concluded acquisitions of SDS Corporation and Hagby-Asahi AB, Sandvik has established itself as a full-service provider to the mineral exploration industry.
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