Atlas Copco has announced its acquisition of US drill supplier and operator Cate Drilling Solutions (CDS). The drilling company is based in Salt Lake City and supplies drills for operations in Utah, Idaho, Nevada and Wyoming. The company did not disclose the selling price. The acquisition is expected to be completed in the first quarter 2018.
This acquisition follows Atlas Copco's earlier announced intention to split the company's business into two separate entities. As of December 1, 2017, the totally owned subsidiary named Epiroc will focus on mining, infrastructure, and natural resources industries with drill rigs, rock excavation, and construction equipment. Atlas Copco will continue to focus on industrial customers.
The split is proceeding according to plan, but remains subject to approval by Atlas Copco shareholders in April 2018. Upon approval, Epiroc will be listed on the NASDAQ stock exchange.