Sandvik completes acquisition of Varel International Energy Services Inc.

Sandvik (STO:SAND) announced on 7 January 2014 an agreement to acquire Varel International Energy Services Inc. The company has about 1,300 employees and revenue in 2013 was approximately 340 million USD. The acquisition was completed on 21 May 2014 and will be consolidated into Sandvik Venture as of the same date. Varel International Energy Services Inc. will be included in Sandvik Venture’s Q2 result. The work to integrate Varel International Energy Services Inc. in business area Sandvik Venture will start immediately.

Stockholm, 21 May 2014 Sandvik AB

Sandvik Group Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2013 the Group had about 47,000 employees and representation in 130 countries, with annual sales of about 87,000 million SEK.

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