Sandvik completes acquisition of Artisan Vehicle Systems

Sandvik has completed the previously announced acquisition of Artisan Vehicle Systems, a US-based supplier of battery electric vehicle solutions for underground mining. Artisan will be a business unit in the Load and Haul division within Sandvik Mining and Rock Technology.

The statement said: “Artisan is a start-up company which in 2017 had revenues of $12.3 million and approximately 60 employees. The parties have agreed not to disclose the purchase price. The deal is initially neutral to earnings per share.”

In the earlier acquisition announcements, Lars Engström, President, Sandvik Mining and Rock Technology, stated: “I am pleased to see the strategic acquisition of Artisan so soon after the opening of Sandvik’s state-of-the-art Battery Electrification Innovation and Development Center in Turku, Finland, in 2018. It is in line with our ambition to be leading in the market for Battery Electric Vehicle solutions.”