By Liz Nickels

The acquisition was announced in January.

Varel, a supplier of drilling solutions focusing on hardmetal drill bits, has about 1,300 employees and its revenue in 2013 was approximately US$340 million.

The company will be consolidated into Sandvik Venture and will be included in Sandvik Venture's Q2 result. The work to integrate Varel International Energy Services into Sandvik Venture will start immediately.