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Sandvik snaps up mine tool firm

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17:35 CEST+02:00
Sandvik AB ha announced that it is buying the Swedish-Japanese mine tooling company Hagby-Asahi AB, including its subsidiaries in Finland, US and Canada, from Japan's Asahi Diamond Industrial Co Ltd for an undisclosed sum.

Sandvik said Hagby-Asahi is a leading manufacturer and supplier of diamond tools and equipment for the mining, construction and metal working industries as well as a supplier of diamond drill rigs for mineral exploration.

Hagby-Asahi reported sales in 2005 of about 160 million Swedish kronor. The company's head office is located in Nora, Sweden. It's total number of employees is around 100.

The acquisition is expected to be completed by July 1st, and Hagby-Asahi will be included in Sandvik's Mining and Construction division but will also supply the Sandvik Tooling business area with products within diamond tools.

"Hagby-Asahi is a company with a strong market position, particularly in the Nordic region, and through the acquisition we intend to continue our expansion globally, within exploration" says Sandvik.

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