Sandvik agrees to acquire Cubex

Drilling solutions provider from Winnipeg, Manitoba, Canada called CUBEX is about to formally join Sandvik (OMX: SAND) tree in a deal communicated after market close today. It manufactures underground in-the-hole (ITH) and geo-technical drilling equipment such as drills and boosters. The company has already been operating under an exclusive global dealer partnership with Sandvik Mining and Construction. Last year it had a turnover of around 270 million SEK and some 110 employees. Financial details weren’t disclosed. The acquisition is expected to close in Q2 2013.