Equipment producer Sandvik confirmed it has inked a deal to acquire Australian rock tools supplier Tricon.
No financial details were released, but it is known that Tricon will remain operating as an independent, stand-alone business unit under the umbrella of Sandvik’s Rock Tools division.
Tricon’s portfolio of products includes down-the-hole (DTH) hammers and bits, as well as rotary bits and full rotary and DTH drill strings.
The company noted that Tricon has its own design capabilities for rotary bits in-house, though it outsources manufacturing and uses Sandvik as one of its rotary bit suppliers. Its drill strong products are produced in-house by Tricon.
Sandvik president Henrik Ager said the transaction is expected to close during the third quarter, pending regulatory approvals.