Heavy Equipment Guide Logo

This ad will close in 15 seconds

Sandvik acquires supplier of Battery Electric Vehicle solutions

Artisan will be a Business Unit in the Load and Haul Division within Sandvik Mining and Rock Technology.
Artisan will be a Business Unit in the Load and Haul Division within Sandvik Mining and Rock Technology.

Sandvik has acquired privately owned Artisan Vehicle Systems, manufacturer of battery powered underground mining equipment, based in Camarillo, California, USA. The core technology is battery packs, electric motors, power electronics, software and control systems. Artisan's underground mining loaders and trucks are designed with these high-powered, highly reliable and field proven battery electric powertrains. Artisan is the market leader with most battery electric vehicles currently operating in underground mining.

"I am pleased to see the strategic acquisition of Artisan so soon after the opening of Sandvik's state-of-the-art Battery Electrification Innovation and Development Center in Turku, Finland, in 2018. It is in line with our ambition to be leading in the market for Battery Electric Vehicle solutions", says Lars Engström, President, Sandvik Mining and Rock Technology.  

Artisan will be a Business Unit in the Load and Haul Division within Sandvik Mining and Rock Technology.

"The area in which Artisan is located is a frontrunner in electric vehicle development. Our new R&D foothold there will complement the skillset we have in Finland. The combination of know-how and skills creates a very strong platform", says Mats Eriksson, President Load and Haul Division, Sandvik Mining and Rock Technology.

Artisan is a start-up company which in 2017 had revenues of 12.3 million USD and approximately 60 employees.

The parties have agreed not to disclose the purchase price. The transaction is expected to close during the first quarter 2019. The deal is initially neutral to earnings per share.

Company info

Kungsbron 1
Section G, floor 6
SE-111 22 Stockholm,
SE,

Website:
sandvik.com

Read more

Related Articles

Sponsored Brought to you by: Volvo Construction Equipment Logo

Faster cycle times keep your haulers moving

The new Volvo EC950F crawler excavator was made for large haulers. In fact, it can fill our 60-ton A60H haul truck in just four bucket passes with an average cycle time of just over a minute. With the perfect pair from Volvo, you can improve efficiency, burn less fuel and keep your haulers moving.

 Watch these two powerful machines load four passes in just over a minute.

Learn more