Mincon Group acquires global drill pipes supplier

Mincon Group, a drilling consumables company, acquired Driconeq, a global supplier of drill pipes and accessories for down-the-hole, rotary and reverse-circulation applications.

The company says this acquisition will bring 125 staff members to the Mincon Group. Additionally, the net assets acquired total about $5.48 million.

Driconeq has factories in Sunne, Sweden; Johannesburg, South Africa; and Perth, Australia. According to Mincon, the Driconeq factories are a fit for its manufacturing and business footprint because of their proximity to existing Mincon facilities and management.

Mincon’s current drill pipe manufacturer, Viqing Group, will be combined with the Driconeq Group. The management teams in Sunne, Sweden, where both businesses are headquartered, will be merged.

Viqing Group was acquired by Mincon last year.

“We are delighted to add these businesses and their teams to our group,” says Joe Purcell, CEO of Mincon. “We are at heart an engineering group, an industrial group, and these businesses should receive an opportunity to grow and develop over the coming years.”