Sandvik To Acquire Artisan Vehicle Systems
By Chad Elmore29 January 2019
Sandvik AB has acquired privately owned Artisan Vehicle Systems, a manufacturer of battery-powered underground mining equipment based in Camarillo, Calif. Terms were not disclosed.
The company’s core technology is battery packs, electric motors, power electronics, software and control systems. Artisan’s underground mining loaders and trucks have been designed with its mine-proven battery electric powertrains.
“I am pleased to see the strategic acquisition of Artisan so soon after the opening of Sandvik’s state-of-the-art Battery Electrification Innovation and Development Center in Turku, Finland, in 2018. It is in line with our ambition to be leading in the market for battery electric vehicle solutions,” said Lars Engström, president, Sandvik Mining and Rock Technology.
The transaction is expected to close during the first quarter 2019. Artisan will be a business unit in the Load and Haul Div. within Sandvik Mining and Rock Technology.
“The area in which Artisan is located is a frontrunner in electric vehicle development. Our new R&D foothold there will complement the skill set we have in Finland. The combination of know-how and skills creates a very strong platform,” said Mats Eriksson, president of Sandvik’s Load and Haul Div.
In 2017, Artisan had revenues of $12.3 million and around 60 employees.
“With our technology and Sandvik’s experience and worldwide reach, I know we are going to change the world,” said Brian Huff, Artisan’s Chief Technology Officer. “Sandvik’s expertise in machine design coupled with our expertise in electric powertrains and battery technology will set a new course for the global mining industry.”