SSAB to divest expandable rock bolts unit in Virsbo to Jennmar

SSAB has agreed to divest its expandable rock bolts unit in Virsbo, Sweden, to U.S.-based Jennmar. The acquisition affects 66 employees, all of whom havse been offered continued employment with Jennmar.

Since rock bolt manufacturing is not part of SSAB's core business and Jennmar already offers a range of products for mining and infrastructure, Jennmar is better positioned to grow the Virsbo business.

SSAB's expandable rock bolts, made from high-quality Nordic steel, are produced exclusively in Virsbo and sold to mines and tunneling projects worldwide, with key markets in Europe, North America, and South America.

Jennmar, a privately owned company with a 100-year history, employs about 4,000 people globally. It manufactures and sells products mainly for the mining and infrastructure sectors.

The transaction is expected to be completed in the first quarter of 2025.