Sandvik Acquires Two Firms

Sandvik has reached agreement with private equity owners 3i to acquire Extec Screens and Crushers Ltd, close to Birmingham, UK.

The company also announced that it has reached an agreement with the majority owner of Fintec Crushing and Screening Ltd., close to Belfast, UK, to acquire the company. Sandvik currently has a minority shareholding in Fintec and will after the completion of this transaction become the only shareholder.

The acquisitions are expected to be completed during the second quarter of this year.

Extec and Fintec, respectively, are leading in the design and manufacture of mobile crushing and screening equipment, including consumables and services to the international construction industry.

Extec has two manufacturing facilities in the United Kingdom, as well as sales and service facilities in the United States, Australia, and Germany.

"These acquisitions are in line with the Sandvik's long-term strategy of continued profitable growth and our aim is to become the leading supplier of mobile crushing and screening solutions to the market," said Lars Josefsson, president of Sandvik Mining and Construction.

"By acquiring Extec and Fintec we will extend our customer offering by adding mid-size, and light crushing and screening equipment and thereby become a strong supplier in this fast growing industry," he added.

"Extec and Fintec have modern manufacturing facilities, are strong in R & D and have well developed distribution networks. This in combination with Sandvik's global resources will make it possible to grow our crushing and screening business into new markets and service our customers even better", said Josefsson.