Sandvik has reached agreement with private equity owners 3i to acquire Extec Screens and Crushers, close to Birmingham, UK.
Simultaneously an agreement has been reached with the majority owner of Fintec Crushing and Screening (Fintec), close to Belfast, UK, 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, respectively, design and manufacture mobile crushing and screening equipment, including consumables and services to the international construction industry.
Extec employs 450 people and has a manufacturing facilities in Birmingham and Northern Ireland as well as sales and service facilities in Australia, USA and Germany, while Fintec employs 325 people.
‘By acquiring Extec and Fintec we will extend our customer offering by adding mid-size, and light crushing and screening equipment’, said Lars Josefsson, President Sandvik Mining and Construction.