Epiroc signs agreement to acquire South African mining equipment manufacturer
Stockholm, Sweden: Epiroc, a leading productivity and sustainability partner for the mining and infrastructure industries, has signed an agreement to acquire AARD Mining Equipment, a South African mining equipment manufacturer.
AARD, based near Johannesburg, South Africa, designs, manufactures, services and supports a wide range of mining equipment, specializing in low-profile underground machines for mines with low mining heights. The high-quality products include drill rigs, bolters, loaders, scalers, and more. The company’s customers are mainly in the Southern Africa region. AARD has approximately 200 employees and had revenues in the fiscal year ending June 30, 2022, of about MSEK 650.
“AARD has reputable and reliable products that complement our underground product portfolio well,” says Helena Hedblom, Epiroc’s President and CEO. “This acquisition will further strengthen our growth ambitions in Africa and beyond. We are looking forward to welcoming the great team at AARD to Epiroc.”
"We are excited about the prospect of continuing to grow the business within the Epiroc Group," says Mike Adendorff, AARD’s CEO.
The acquisition is expected to be completed in the next few months. The transaction contains conditions normal for transactions of this nature, including regulatory approval from the competition authorities. The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation. To learn more about AARD, please see www.aardme.co.za.
An AARD Mining Equipment low-profile loader
Joint press release from Epiroc AB and AARD Mining Equipment
For more information please contact:
Ola Kinnander, Media Relations Manager, Epiroc
+46 70 347 2455
media@epiroc.com
Epiroc is a vital part of a sustainable society and a global productivity partner for mining and infrastructure customers. With ground-breaking technology, Epiroc develops and provides innovative and safe equipment, such as drill rigs, rock excavation and construction equipment and tools for surface and underground applications. The company also offers world-class service and other aftermarket support as well as solutions for automation, digitalization and electrification. Epiroc is based in Stockholm, Sweden, had revenues of SEK 40 billion in 2021, and has more than 15 500 passionate employees supporting and collaborating with customers in more than 150 countries. Learn more at www.epirocgroup.com.
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