Atlas Copco completes acquisition of U.S. mining equipment distributor
Atlas Copco has finalized the acquisition of Cate Drilling Solutions LLC, a U.S. distributor and service provider of drilling equipment. The company, which will become part of Epiroc, operates in Utah, Nevada, Wyoming, and Idaho.
Atlas Copco announced on January 3, 2018, that it has closed the acquisition of assets from Cate Drilling Solutions LLC, a United States-based company specializing in the distribution and servicing of Atlas Copco drilling equipment and components. This move expands Atlas Copco's service capabilities in the North American mining sector.
Cate Drilling Solutions, headquartered in Salt Lake City, Utah, serves customers across Utah, Nevada, Wyoming, and Idaho. The company functions as a full-service distributor for surface drilling products and operates a remanufacturing shop. It employs 35 people.
Atlas Copco had previously announced its intention to acquire the assets of Cate Drilling Solutions on December 1, 2017. The financial terms of the transaction were not disclosed, with Atlas Copco stating the purchase price was not material to its market capitalization.
Cate Drilling Solutions will be integrated into the service division of Atlas Copco's Mining and Rock Excavation Technique business area. This business area is scheduled to be listed as a separate company named Epiroc on the stock exchange in 2018, subject to shareholder approval.