Shannon-based company buys Swedish firm for €7.9m

Shannon-based engineering and mining services group Mincon has acquired Swedish company Viqing Drilling Equipment for nearly €8m and is continuing to look for more acquisition opportunities.

Mincon said yesterday —on the back of a strong set of first-half results — that it continues to “engage” with acquisition opportunities and has a number of organic investment projects coming to fruition this year and next that can drive further growth.

The company, which makes industrial drilling tools for use by mining companies, has paid an initial €3.2m for Viqing, with the final figure set to reach €7.9m. The Swedish firm makes drill pipes, something which Mincon has been selling as a third party product up to now.