Jan. 7, 2014, 3:15 PM
- Swedish engineering group Sandvik (SDVKF, SDVKY) agrees to buy U.S.-based drill-bit maker Varel International Energy Services for $740M.
- Privately-held Varel manufactures drill bits primarily for oil and gas drilling, as well as for blasthole mining, industrial, construction and water well drilling; its 2013 revenue was ~$340M.
Sandvik conducts operations within three core areas - Sandvik Tooling, Sandvik Mining and Construction, Sandvik Materials Technology - with responsibility for research and development (R&D), production and sales of their respective products. Sandvik Tooling produced tools and tooling systems for... More
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