Epiroc has announced that it will be acquiring Meglab, a Canadian company providing electrification infrastructure solutions to mines. The solutions support mining customers in their transition to battery electric vehicles.
Val-D’Or-based Meglab designs, manufactures, installs and supports practical and cost-effective electrification and telecommunications infrastructure solutions for customers in several countries. Its products and solutions include system design, substations, switchgears and automation system solutions. These support the infrastructure needed for mine electrification and equipment charging solutions, as well as for digitalization and automation of operations.
“Epiroc is proud to be the leader in providing battery-electric vehicles for the mining industry, improving customers’ work environment and lowering their emissions while increasing their productivity,” Helena Hedblom, Epiroc president and CEO, said in a release. “The acquisition of Meglab will strengthen our capacity to provide the infrastructure required as mines transition to battery-electric vehicles.”
“I am very proud to find that such an important player acknowledges our work and achievements, as well as the great potential of our team members. It is also a pleasure to see that business continuity is safeguarded and that the dream of making a real difference in the mining domain will continue for a long time here in Malartic, Val d’Or and in Abitibi-Témiscamingue, “ added Louis Valade, Meglab president.
Meglab has over 240 employees and recorded 2020 revenues of about $49 million.
The acquisition is expected to be completed in the second quarter. The release does not disclose the purchase price but notes that the “purchase price is not material relative to Epiroc’s market capitalization”. The business will become part of Epiroc’s parts and services division and will continue to be based in Canada.