Sandvik has completed the previously announced acquisition of Artisan Vehicle Systems, a U.S.-based supplier of battery electric vehicle solutions for underground mining. Artisan will be a business unit in the Load and Haul division within 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 deal is initially neutral to earnings per share.