Sandvik acquires rock drilling tools supplier Inrock
July 2, 2018
Sandvik, headquartered in Stockholm, Sweden, has acquired Inrock, a privately-owned supplier of rock drilling tools and services for Horizontal Directional Drilling (HDD) based in Houston, Texas, USA. Inrock is said to be a market leader in pilot hole bits, reamers, guidance systems, accessories and services for the premium maxi rig segment within HDD.
In 2017, Inrock reported revenues of $46 million and employed a workforce of seventy. As of the third quarter 2018, the company will be reported as part of the product area Rock Tools within business area Sandvik Mining and Rock Technology.
The combined expertise of Sandvik Mining and Rock Technology and Inrock is expected to support further development of the HDD product portfolio to customers operating and servicing infrastructure applications such as oil & gas pipelines, water and sewer, telecommunications, electricity and alternative energy production and storage. This includes expanding into the midi rig segment, accelerating the global footprint of the business and realising synergies within production.
Björn Rosengren, CEO and President of Sandvik, commented, “In line with our strategy, this demonstrates how we gear up for growth organically and through acquisitions in areas where we are stable and profitable, aiming for world-leading market positions. I welcome Inrock to our Group.”
“I am pleased to see that we leverage our materials knowledge and supply infrastructure to drive growth in the consumables and service business, since it is important in maintaining and improving our relationship with customers, as well as adding long-term stability to our earnings,” added Henrik Ager, Head of product area Rock Tools, Sandvik Mining and Rock Technology.