Sandvik’s Acquisition of Extec, Fintec Nears Completion
📅 Mon April 30, 2007 - National Edition
Sandvik has reached an agreement with private equity owners 3i to acquire Extec Screens and Crushers Ltd.
Simultaneously, an agreement has been reached with the majority owner of Fintec Crushing and Screening Ltd. (Fintec), to acquire the company. Sandvik currently has a minority shareholding in Fintec and will, after the completion of this transaction, become the only shareholder.
The 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 employs 450 people and has manufacturing facilities in Birmingham and Northern Ireland as well as sales and service facilities in Australia, the United States and Germany.
Fintec employs 325 people.
“These acquisitions are in line with Sandvik’s long-term strategy of continued profitable growth and our aim is to become the leading supplier of mobile crushing and screening solutions to the market. 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 of Sandvik Mining and Construction.
“Extec and Fintec have modern manufacturing facilities, are strong in R&D and have well developed distribution networks. This, in 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.