Epiroc completes acquisition of South African underground rock reinforcement manufacturer
Epiroc has finalized the acquisition of New Concept Mining, a South African producer of rock reinforcement products for underground mining operations.
Stockholm, Sweden – Epiroc, a productivity partner for the mining and infrastructure industries, has completed its acquisition of New Concept Mining. The South African company manufactures rock reinforcement products crucial for underground mining safety and efficiency.
New Concept Mining, headquartered in Johannesburg, South Africa, also operates facilities in Peru, Zambia, and Canada. The company produces a wide range of roof support products, rock monitoring systems, and related accessories for underground mining.
The acquired company employs approximately 900 people and reported revenues of ZAR 1,007 million (SEK 645 million) in 2018. While formally registered as Innovative Mining Products (Proprietary) Limited, it operates and is widely known as New Concept Mining.
Epiroc initially announced the agreement to acquire New Concept Mining on November 6, 2018. The purchase price was not disclosed and is considered immaterial relative to Epiroc's market capitalization. The business will be integrated into Epiroc’s Rock Drilling Tools division and will maintain its base in Johannesburg.