Sandvik acquires Californian electric vehicle supplier30 January 2019
USA – Sandvik has acquired Artisan Vehicle Systems, a manufacturer of battery-powered underground mining equipment. Artisan is based in California and its main competence is battery packs, electric motors, power electronics, software and control systems.
A Sandvik spokesperson said, “Artisan’s underground mining loaders and trucks are designed with these high-powered, highly reliable and field proven battery electric powertrains.”
Artisan is a start-up company which in 2017 had revenues of USD 12.3M and approximately 60 employees. It will be a Business Unit in the Load and Haul Division within Sandvik Mining and Rock Technology.
Lars Engström, president of Sandvik Mining and Rock Technology added, “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.”
The parties have agreed not to disclose the purchase price. The transaction is expected to close during the first quarter 2019.