STOCKHOLM, Sweden ATLAS COPCO has signed an agreement to purchase INGERSOLL-RAND DRILLING SOLUTIONS for US$300 million. Drilling Solutions manufactures and distributes drilling equipment and consumables for surface mining and construction.
"Drilling Solutions is a perfect strategic fit, since Atlas Copco is a global market leader in underground drilling, while Ingersoll-Rand is strong in surface drilling, especially in the United States," says Bjrn Rosengren, senior executive VP of Atlas Copco Construction and Mining Technique. "The acquisition will give Atlas Copco a more complete product range, stronger aftermarket organization and better geographical coverage, allowing us to meet the needs of the global mining and construction companies better. What’s more, Drilling Solutions employees have a great deal of valuable knowledge and experience, which complements that of our own people."
A new division will be created within the Construction and Mining Technique business area, with the name Atlas Copco Drilling Solutions. Initially, customers will continue to see the Ingersoll-Rand brand name on Drilling Solutions’ products. Bob Fassi, a Canadian citizen born in Sweden, is the president of the new division.