Atlas Copco has acquired Geawelltech, a Swedish manufacturer of geotechnical drilling equipment.
The move makes sense for Atlas, as Geawelltech has been a distributor of Atlas well and geotechnical drilling equipment for a number of years.
Johan Halling, Atlas Copco Mining & Rock Excavation Technique’s business area president, explained the acquisition, stating “Geawelltech has a strong position in Sweden as a one-stop-shop supplier for customers within well- and geotechnical drilling”.
“Ground engineering is a strategic segment for us, and this fits perfectly with the existing Atlas Copco product portfolio.”
While Atlas did not state the cost of the acquisition, it is understood that Geawelltech has revenues of around $15.8 million.
The acquisition will close in the first quarter of this year, with the new business becoming part of Atlas Copco’s new Surface and Exploration Drilling division.