Business Wire

Sandvik to Acquire Swedish-Japanese Hagby-Asahi.

Business Wire | May 11, 2006 | Copyright

STOCKHOLM, Sweden -- Sandvik (STO:SAND) (LSE:SDF) has reached an understanding with Asahi Diamond Industrial Co Ltd, Japan, to acquire Hagby-Asahi AB, including its subsidiaries in Finland, US and Canada. Hagby-Asahi is one of the market's leading manufacturers and suppliers of diamond tools and equipment for the mining, construction and metal working industries as well as a supplier of diamond drill rigs for mineral exploration.

The acquisition is expected to be completed by 1 July 2006.

Hagby-Asahi AB reported sales in 2005 of about SEK 160 M. The company's…

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