Sandvik AB has bought UDR Group from Major Drilling Group International Inc., Canada, for about $34 million. Australian-based UDR Group is a manufacturer of surface mineral drill rigs. It employs around 100 staff and has annual sales of about 35 million.
UDR Group will become part of Sandvik Mining and Construction, and the acquisition includes the company's business units in Chile. As a part of the transaction, Sandvik and Major Drilling have signed a five-year cooperation and supply agreement under which the two parties will cooperate within product development, and Sandvik and UDR will remain a preferred supplier of mineral exploration rigs and consumables to Major Drilling.
Sandvik Acquires Surface Drill Rig Company
July 1, 2006