Swedish engineering firm Sandvik has acquired Inrock, a US-based company that supplies rock drilling tools and services for horizontal directional drilling (HDD) to the North American market.
Inrock offers pilot hole bits, reamers, guidance systems, accessories and services for the premium maxi rig segment within HDD.
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Sandvik CEO and president Björn Rosengren said: “In line with our strategy, this demonstrates how we gear up for growth organically and through acquisitions in areas where we are stable and profitable, aiming for world-leading market positions.”
The acquisition will leverage the combined expertise of Sandvik Mining and Rock Technology and Inrock to support further development of the HDD product portfolio, including expanding into the midi-rig segment and the global footprint of the business.
Sandvik is also focused on realising synergies within production.
With revenues of $46m last year, Inrock will operate under the Rock Tools product area within Sandvik Mining and Rock Technology.
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By GlobalDataSandvik Rock Tools product area head Henrik Ager said: “I am pleased to see that we leverage our materials knowledge and supply infrastructure to drive growth in the consumables and service business since it is important in maintaining and improving our relationship with customers, as well as adding long-term stability to our earnings.”
The company offers products for offshore applications, including super-duplex stainless-steel tubes used for umbilicals.
It is also focused on the development of products in corrosion-resistant alloys and cemented carbide for applications such as flow control equipment and wear parts.
