Sandvik AB (FSE: SVKB) has closed its previously announced acquisition of Newtrax from management shareholders and Jolimont Global Mining Systems (JGMS or Jolimont Capital). Financial terms were not disclosed.
Montreal based Newtrax is a supplier of leading technology in wireless connectivity to monitor and provide insights on underground operations, including people, machines and the environment.
Newtrax will be run as an independent business unit within the division Rock Drills and Technologies in the business area Sandvik Mining and Rock Technology.
JGMS acquired a minority stake in Newtrax in 2016.
Stockholm, Sweden based Sandvik is an engineering group in mining and rock excavation, metal-cutting and materials technology.
photo credit: Newtrack
Sandvik completes the acquisition of Newtrax
Sandvik has completed the previously announced acquisition of Newtrax, a supplier of technology in wireless connectivity to monitor and provide insights on underground mining operations, including people, machines and the environment.
Newtrax is headquartered in Montréal, Canada, and in 2018 Newtrax generated revenues of about 26 million CAD with 120 employees. The deal is initially slightly accretive to earnings per share.
Stockholm, 17 June 2019
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46 8 456 14 94 or Martin Blomgren, Press and Media Relations Manager, phone: +46 70 577 0549.