Atlas Copco has acquired NewTech, a Salt Lake City-based manufacturer of advanced drilling products, to enhance its product portfolio and expertise in the mining, construction, and oil and gas sectors, leveraging synergies for future growth.

Information on the target

NewTech, headquartered in Salt Lake City, Utah, specializes in the development and manufacturing of advanced drilling products. The company focuses on rotary PDC (polycrystalline diamond compact) drill bits and klaw bits specifically designed for rotary soft rock mining. These innovative tools are engineered to withstand significant impact and wear, making them ideal for various drilling applications, particularly in shallow, land-based environments.

As a privately owned entity, NewTech employs a dedicated team of 20 professionals and reported revenues of MUSD 6.5 (MSEK 45) in 2011. The company's commitment to quality and innovation positions it as a key player in the drilling industry, catering to sectors such as mining, construction, and oil and gas.

Industry overview in the target’s specific country

The drilling industry in the United States has experienced significant growth, driven by advancements in technology and increasing demand for efficient extraction methods across various s