February 3, 2014
Stockholm, Sweden, February 3, 2014: Atlas Copco, a leading provider of sustainable productivity solutions, has closed the acquisition of Geawelltech, which sells, rents out and manufactures well- and geotechnical drilling equipment.
Gruv Entreprenad Anläggning Welltech System AB, based in Jonsered, Sweden, has annual revenues of about MSEK 90 (MUSD 14). Geawelltech has for many years been an Atlas Copco distributor of well- and geotechnical drilling equipment, and the majority of revenues are generated from this business. The company also manufactures drilling rigs suitable for a wide range of applications.
The acquired business becomes part of Atlas Copco’s Surface and Exploration Drilling division in the Mining and Rock Excavation Technique business area. Atlas Copco announced on January 16, 2014, that it had agreed to purchase Geawelltech.
Atlas Copco is a world-leading provider of sustainable productivity solutions. The Group serves customers with innovative compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems. Atlas Copco develops products and service focused on productivity, energy efficiency, safety and ergonomics. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 180 countries. In 2013, Atlas Copco had revenues of BSEK 84 (BEUR 9.7) and more than 40 000 employees. Atlas Copco’s Mining and Rock Excavation Technique business area provides equipment for drilling and rock excavation, a complete range of related consumables and service through a global network. The business area innovates for sustainable productivity in surface and underground mining, infrastructure, civil works, well drilling and geotechnical applications. Principal product development and manufacturing units are located in Sweden, the United States, Canada, China and India.