Atlas Copco buys Swedish drilling equipment company
Atlas Copco has agreed to acquire Geawelltech, which sells, rents out and manufactures well- and geotechnical drilling equipment. Gruv Entreprenad Anläggning Welltech System, based in Jonsered, Sweden, 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 and has annual revenues of about SEK 90 million.“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.