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Epiroc completes acquisition of South African underground rock reinforcement products manufacturer
Epiroc has completed the acquisition of New Concept Mining, a South African manufacturer of rock reinforcement products for underground mining.
New Concept Mining is based in Johannesburg, South Africa, and has facilities also in Peru, Zambia and Canada. It manufactures a comprehensive range of underground mining roof support products, rock monitoring systems and related accessories. New Concept Mining has about 900 employees and had revenue in 2018 of ZAR 1 007 million (SEK 645 million). The company is registered as Innovative Mining Products (Proprietary) Limited, but is trading and is widely known as New Concept Mining.
Epiroc announced on November 6, 2018, that it had agreed to acquire New Concept Mining.
The purchase price is not material relative to Epiroc’s market capitalization and is not disclosed. The business becomes part of Epiroc’s Rock Drilling Tools division, and will continue to be based in Johannesburg.