Atlas Copco, a leading provider of sustainable productivity solutions, has closed the acquisition of Geawelltech, which sells, rents out and manufactures well and geotechnical drilling equipment.
Gruv Entreprenad Anläggning Welltech System AB, based in Jonsered, Sweden, has annual revenues of about SEK 90 million (USD 14 million). Geawelltech has for many years been an Atlas Copco distributor of well and geotechnical drilling equipment, and the majority of revenues are generated from this business. The company also manufactures drilling rigs suitable for a wide range of applications.
The acquired business becomes part of Atlas Copco’s Surface and Exploration Drilling division in the Mining and Rock Excavation Technique business area. Atlas Copco announced on Jan. 16, 2014, that it had agreed to purchase Geawelltech.