The sale to Nepean comes mere days after Sandvik managed to offload its Mining Systems projects business to FLSmidth.

With the sale to Nepean Sandvik will have finally concluded the plan it first announced to the market in 2015: to divest the Mining Systems business.

It thought it had offloaded the business to private equity CoBe Capital only for that deal to stall in January.

Now it has succeeded, selling off a business that last year brought in 2.6 billion Swedish krone ($A476 million).

“I am pleased we now have completed our plan enabling us to further focus on Sandvik’s core businesses,” Sandvik president and CEO Bjorn Rosengren said.

“Nepean is a truly suitable new owner as they have an ambition to continue to develop this offering.”

From Nepean’s point of view the acquisition will position it as a major global conveyor parts supplier.

The deal includes more than 195,000sq.m of world-class manufacturing operations located around the world including Brazil, Finland and Germany. 

Nepean also gets a range of advanced technology, products and the associated intellectual property.

About 340 Sandvik staff members will also join Nepean.

Nepean CEO Miles Fuller said the acquisition was a great fit for the company’s existing conveyor business.

“The conveyor business is core to Nepean, our growth and success has been due to our customer focus, local support capability, passionate employees, leading engineering and empowered managers with the authority to get things done,” Fuller said.

Nepean lays claim to being the largest manufacturer of pulleys and idlers in Australia.

With the acquisition of Sandvik Conveyor Components it will become one of the largest specialists in conveyor components global. It will be capable of producing thousands of large engineered pulleys and millions of conveyor rollers annually to service customers in 66 countries.