Sandvik acquires Inrock
By Andy Brown06 July 2018
Sandvik has acquired privately-owned Inrock, a supplier of rock drilling tools and services for Horizontal Directional Drilling (HDD) in the US.
Headquartered in Houston, US, Inrock specialises in pilot hole bits, reamers, guidance systems, accessories and services for the premium maxi rig segment within HDD.
In 2017 Inrock, which has 70 employees, had revenues of US$46 million.
Björn Rosengren, CEO and President of Sandvik, said, “In line with our strategy, this demonstrates how we gear up for growth organically and through acquisitions in areas where we are stable and profitable, aiming for world-leading market positions.”
In a press release, Sandvik stated that the acquisition would support further development of the HDD product portfolio to customers operating and servicing infrastructure applications such as oil and gas pipelines, water and sewer, telecommunications, electricity and alternative energy production and storage.
The two parties have agreed not to disclose the purchase price and, as of the third quarter of 2018, Inrock will be reported as part of the product area ’Rock Tools’ within Sandvik Mining and Rock Technology.