PRESS RELEASE: Fordia Group is based in Montreal, Canada, and has sales in more than 70 countries.

It provides exploration drilling tools such as diamond bits, down-the-hole tools, drill rods and drill casings, as well as water-treatment systems and pumps, used by mining houses and drilling contractors.

Fordia has about 250 employees and had revenues for the 12 months ending September 2018 of about C$85 million (US$65 million).

"This acquisition is strategically important as we increase our focus on the exploration segment," said Helena Hedblom, Epiroc's senior executive vice president mining and infrastructure. "The solid team at Fordia will play a key role as we continuously strengthen our value offering to customers."

The acquisition is expected to be completed in the March quarter of 2019. The business will become part of Epiroc's Rock Drilling Tools division and will continue to be based in Montreal.