Epiroc completes acquisition of South African mining equipment maker
Epiroc has finalized the acquisition of AARD Mining Equipment, a South African manufacturer specializing in low-profile underground mining machines. The deal strengthens Epiroc's product offering for specific mining conditions.
Stockholm, Sweden – Epiroc, a global productivity and sustainability partner for the mining and infrastructure industries, has completed the acquisition of AARD Mining Equipment, a South African manufacturer of mining equipment. The transaction, initially announced in August 2022, enhances Epiroc's capabilities in specialized underground machinery.
AARD, based near Johannesburg, South Africa, designs, manufactures, and services a range of mining equipment, with a focus on low-profile machines for mines with restricted height. The company employs approximately 200 people and reported revenues of about SEK 650 million for the fiscal year ending June 30, 2022.
The acquisition is expected to complement Epiroc's existing product portfolio and expand its reach in the African market. By integrating AARD's expertise and product lines, Epiroc aims to provide a more comprehensive suite of solutions to its global mining customers.
Epiroc had previously announced on August 25, 2022, that it had agreed to acquire AARD. The transaction does not require disclosure under the EU Market Abuse Regulation.