Sandvik said that Varel is a global supplier of drilling solutions focusing on drill bits, downhole products for well construction and well completion.
With some exposure to the mining and construction industries, the key customer segment is in the oil and gas sector.
The manufacturing sites of Varel are situated in Houston of US, Matamoros of Mexico, Aberdeen of Scotland, Tarbes of France and Kurgan of Russia.
Sandvik Venture president Tomas Nordahl said the acquisition forms a platform to enable the company 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," Nordahl added.
