Epiroc continues with its string of acquisitions with the takeover of Innovative Mining Products in Johannesburg in South Africa in an undisclosed amount.
The acquisition is expected to complete in the first quarter of 2019, pending regulatory approval.
Innovative Mining Products, popularly known as New Concept Mining (NCM), manufacturers an extensive range of underground mining roof support products, rock monitoring systems and related accessories.
It had a revenue of about ZAR 950 million ($92.9 million) in the past 12 months ending September 30.
NCM said in a statement on its website, “Since inception, we have established ourselves as leaders in the research, development and manufacturing of ground reinforcement and support products for underground mining operations, and we have successfully expanded our operations into a number of countries.
“The acquisition of NCM by Epiroc will make it even easier for our customers to continue benefiting from the expertise, innovation and customer service [clients] have come to expect from NCM due to Epiroc’s more enhanced global supply chain.”
NCM has about 900 employees and will join Epiroc’s rock drilling tools division.
Epiroc senior executive vice president Helena Hedblom said, “This acquisition will enable us to strengthen our global position in the hard rock bolting market.
“We are happy to combine forces with the strong team at Innovative Mining Products to bring the best rock reinforcement solutions to mining customers.”
Last week, Epiroc announced its acquisition of Estonian distributor of mining and construction equipment Sautec. It also acquired Canada-based Fordia Group and 34 per cent of US-based Autonomous Solution subsidiary ASI Mining in October.