The purchase price is not material relative to Epiroc’s market capitalization and is not disclosed
Stockholm, Sweden: Epiroc, a leading productivity and sustainability partner for the mining and infrastructure industries, has agreed to acquire Meglab, a Canadian company with expertise in providing electrification infrastructure solutions to mines. The solutions support mining customers in their transition to battery-electric vehicles.
Meglab, based in Val-D’Or, Quebec, Canada, is a technology integrator that designs, manufactures, installs and supports practical and cost-effective electrification and telecommunications infrastructure solutions to customers in several countries. Its products and solutions include system design, substations, switchgears and automation system solutions, enabling the infrastructure needed for mine electrification and equipment charging solutions, as well as for digitalization and automation of operations. Meglab has more than 240 employees and had revenues in 2020 of about MCAD 49 (MSEK 335).
“Epiroc is proud to be the leader in providing battery-electric vehicles for the mining industry, improving customers’ work environment and lowering their emissions while increasing their productivity,” says Helena Hedblom, Epiroc’s President and CEO. “The acquisition of Meglab will strengthen our capacity to provide the infrastructure required as mines transition to battery-electric vehicles.”
The acquisition is expected to be completed in Q2 2021. The purchase price is not material relative to Epiroc’s market capitalization and is not disclosed. The business will become part of Epiroc’s Parts & Services division and will continue to be based in Canada.
Source: Company Press Release