Epiroc signs agreement to acquire South African mining equipment manufacturer

Epiroc, has signed an agreement to acquire AARD Mining Equipment, a South African mining equipment manufacturer. Based near Johannesburg, the company designs, manufactures, services, and supports a wide range of mining equipment, including drill rigs, bolters, loaders, scalers, and more whilst specializing in low-profile underground machines for mines with low mining heights.
With customers mainly in the Southern Africa region, AARD has approximately 200 employees and had revenues in the fiscal year ending June 30, 2022, of about MSEK 650.

“AARD has reputable and reliable products that complement our underground product portfolio well,” says Helena Hedblom, Epiroc’s President and CEO. “This acquisition will further strengthen our growth ambitions in Africa and beyond. We are looking forward to welcoming the great team at AARD to Epiroc.”

"We are excited about the prospect of continuing to grow the business within the Epiroc Group," says Mike Adendorff, AARD’s CEO.

The acquisition is expected to be completed in the next few months. The transaction contains conditions normal for transactions of this nature, including regulatory approval from the competition authorities. The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.

To learn more about AARD, please see http://www.aardme.co.za.