Sweden’s Epiroc has emerged ahead of a reportedly long line of potential buyers of drill rig maker Schramm Australia, saying it expects to conclude an asset purchase in the current quarter.
Schramm Australia and its subsidiaries went into administration in February this year with heavy debts.
FTI Consulting has been running the sale process and told creditors there were at least 10 potential buyers taking a close look at the assets.
Australian companies have accounted for half of the dozen mining equipment and technology acquisitions Epiroc has made in the past two years. It described Schramm Australia as a “leading manufacturer of products for reverse circulation drilling”.
“The assets include intellectual property as well as two production facilities near Perth [Western Australia] and two service centres located in Queensland and South Australia. Schramm Australia’s employees will be offered employment at Epiroc,” the purchaser said.