Sandvik completes acquisition of Varel International Energy Services Inc.
May 21 2014 - 4:03PM
Business Wire
Sandvik (STO:SAND) announced on 7 January 2014 an agreement to
acquire Varel International Energy Services Inc. The company has
about 1,300 employees and revenue in 2013 was approximately 340
million USD. The acquisition was completed on 21 May 2014 and will
be consolidated into Sandvik Venture as of the same date. Varel
International Energy Services Inc. will be included in Sandvik
Venture’s Q2 result. The work to integrate Varel International
Energy Services Inc. in business area Sandvik Venture will start
immediately.
Stockholm, 21 May 2014 Sandvik AB
Sandvik Group Sandvik is a global industrial group with advanced
products and world-leading positions in selected areas – tools for
metal cutting, equipment and tools for the mining and construction
industries, stainless materials, special alloys, metallic and
ceramic resistance materials as well as process systems. In 2013
the Group had about 47,000 employees and representation in 130
countries, with annual sales of about 87,000 million SEK.
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Sandvik ABAnn-Sofie Nordh, +46 8 456 14 94Investor Relations
OfficerorPär Altan, +46 8 456 12 37Vice President External
Communications
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