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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Copyright Business Wire 2014