SDVKY - Sandvik Acquires Digital Mining Technology Company Newtrax
STOCKHOLM, April 17, 2019 /PRNewswire/ -- Sandvik acquires privately-owned Newtrax, a supplier of leading technology in wireless connectivity to monitor and provide insights on underground operations, including people, machines and the environment.
"By including Newtrax into the Sandvik family we further strengthen our leading position in areas related to automation and digitalization," says Henrik Ager, President of Sandvik Mining and Rock Technology.
Sandvik's leading suite of digital tools for analyzing and optimizing mining production and processes, coupled with Newtrax's leading technology in wireless IoT connectivity will create a powerful, stream-lined digital solution to improve safety and efficiency in underground mining operations.
"By combining our current offering OptiMine® with the Newtrax offering we can help customers achieve a more efficient use of their resources. The system is agnostic to network or brand of equipment, facilitating a flexible customer solution," says Patrick Murphy, President of Sandvik Rock Drills and Technologies Division.
Newtrax is headquartered in Montréal, Canada and in 2018 the company generated revenues of about 26 million CAD with 120 employees. Newtrax will be run as an independent business unit within the division Rock Drills and Technologies in the business area Sandvik Mining and Rock Technology.
The transaction is expected to close in the second quarter 2019. Parties have agreed not to disclose the purchase price. The deal is initially slightly accretive to earnings per share.
For further information, contact:
Ann-Sofie Nordh, Vice President Investor Relations, phone: +46 8 456 14 94 or Martin Blomgren, Press and Media Relations Manager, phone: +46 70 577 0549.
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SOURCE Sandvik