First publishedon www.AggBusiness.com
Fordia's Hero 7 diamond drill bit
Sweden-based Epiroc has agreed to acquire Canadian exploration drilling tools manufacturer Fordia Group for an undisclosed sum.
Fordia Group is based in Montreal and has sales in more than 70 countries. It provides exploration drilling tools such as diamond bits, down-the-hole tools, drill rods and drill casings, as well as water treatment systems and pumps, used by mining houses and drilling contractors. Epiroc says Fordia's solutions benefit industry customers by, for example, improving penetration rates and extending bit life. Fordia has around 250 employees and had revenues for the 12 months ending September 2018 of about C$85million (SEK580mn).
The business will continue to be based in Montreal and will become part of the rock drilling tools division at Epiroc, which provides products and services in infrastructure, mining and natural resources.
“This acquisition is strategically important as we increase our focus on the exploration segment,” said Helena Hedblom, senior executive VP mining and infrastructure at Epiroc. “The solid team at Fordia will play a key role as we continuously strengthen our value offering to customers.”
The acquisition is expected to complete in the first quarter 2019.