Sandvik acquires supplier of Battery Electric Vehicle solutions
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.
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