Sandvik acquires Australian Hydramatic Engineering
Apr 02, 2007
Sandvik has reached an agreement to acquire Hydramatic Engineering Pty Ltd (Hydramatic).
Hydramatic’s head office and manufacturing facilities are located in Redhead, Australia and other units are established in South Africa, Germany, the US and UK. In 2006 Hydramatic had sales of about SEK 330 M and the total number of employees is about 290.
The Hydramatic business will be integrated into the Sandvik Mining and Construction operations and be consolidated as of 28 February, 2007.
The President of Sandvik Mining and Construction, Lars Josefsson, says the acquisition is in line with the Group’s long-term strategy of continuing growth.
“Hydramatic is an innovative company with a strong market position, and by acquiring it we intend to grow the business and further develop the product globally. The acquisition also extends Sandvik’s underground mining product offering and allows for global distribution through our existing sales channels.
“The acquisition gives the Hydramatic business more opportunity to grow by providing access to the resources of a world leading mining equipment group,” says Lars Josefsson.
Further information:
Sandvik AB
Lars Josefsson, President Sandvik Mining and Construction
Tel: +46 26 26 51 51
SE-811 81 Sandviken (Sweden)
Email: lars.josefsson@sandvik.com
Web: www.sandvik.com
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Contact
Sandvik AB
811 81 Sandviken (Sweden)
Phone:
+46 (0)26 260000