Sandvik announced Tuesday that it has reached an agreement with private equity owners 3i on the acquisition of Extec Screens and Crushers Ltd.
The company has also reached an agreement to acquire Fintec Crushing and Screening Ltd.
“By acquiring Extec and Fintec, we will extend our customer offering by adding mid-size and light crushing and screening equipment and thereby become a strong supplier in this fast growing industry,” said Lars Josefsson, President, Sandvik Mining and Construction.
Both acquisitions are expected to be completed during the second quarter of 2007.
Extec and Fintec design and manufacture mobile crushing and screening equipment, including consumables and services to the international construction industry.
Extec has 450 employees and has manufacturing facilities in Birmingham, UK, and Northern Ireland. Fintec has 325 employees.
“Extec and Fintec have modern manufacturing facilities, are strong in R&D and have well developed distribution networks. This combination with Sandvik’s global resources will make it possible to grow our crushing and screening business into new markets and service our customers even better,” added Josefsson.