Varel is a global supplier of drilling solutions focusing on drill bits, downhole products for well construction and well completion, and its key customer segment is in the oil and gas sector, with some exposure to the mining and construction industries.
The manufacturing sites are located in Houston (USA), Matamoros (Mexico), Aberdeen (Scotland), Tarbes (France), and Kurgan (Russia) with its head office in Carrollton,Texas, USA.
Varel will form a new product area within the business area Sandvik Venture.
“The acquisition forms a platform to enable Sandvik to enter into drilling solutions in the oil and gas sector. The combination of Varel's solid market position and strong customer offering, and Sandvik's broader drilling solutions capabilities as well as the extensive knowledge in highly relevant materials and cutting technology will support Varel's continued growth. I am very impressed by the Varel team and I am excited about our joint opportunities going forward,” says Tomas Nordahl, president of Sandvik Venture.
"The acquisition continues to position Sandvik in attractive growth segments where we will deliver solutions that increase customers' productivity. This is in line with Sandviks growth ambition and a way to leverage our technical know-how and Varel's market position", says Olof Faxander, Sandvik's president and CEO.
