Atlas Copco, a leading provider of sustainable productivity solutions, has agreed to acquire Geawelltech, which sells, rents and manufactures well- and geotechnical drilling equipment.
Gruv Entreprenad Anläggning Welltech System AB, based in Jonsered, Sweden, has annual revenues of about MSEK 90 (about U.S. $14 million). 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. Geawelltech has 19 employees.
“Geawelltech has a strong position in Sweden as a one-stop-shop supplier for customers within well- and geotechnical drilling,” said Johan Halling, business area president, Atlas Copco Mining and Rock Excavation Technique. “Ground engineering is a strategic segment for us, and this fits perfectly with the existing Atlas Copco product portfolio.”
The acquisition is expected to close in the first quarter. The acquired business will become part of Atlas Copco’s new Surface and Exploration Drilling division in the Mining and Rock Excavation Technique business area.
Atlas Copco is an industrial group with world-leading positions in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. It is based in Stockholm, Sweden.
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.