Tricon will operate as an independent, standalone business unit within Sandvik Mining and Rock Solutions' Rock Tools division.
Tricon's product offering includes rotary bits, down-the-hole (DTH) hammers and bits, as well as full rotary and DTH drill strings. The company has 24 employees.
Henrik Ager, President of Sandvik Mining and Rock Solutions, said: "I am pleased that we continue to deliver on our active acquisition agenda, and I look forward to welcoming Tricon to Sandvik."
Tricon has design capabilities for rotary bits in-house but outsources manufacturing, with Sandvik being one of its rotary bit suppliers. Drill string products are produced in Tricon's own facility.
Sandvik and Tricon have agreed not to disclose the financial details. The acquisition is expected to close in the third quarter of 2021, subject to relevant regulatory approvals.
Sandvik has made a number of acquisitions in the last year. Last month, it finalised a deal to acquire South African vibrating equipment company Kwatani. At the end of 2020, it bought German tunnelling technologies company DSI Underground. In October 2020, Sandvik acquired US-based machining software company CGTech, and a year ago, it acquired Indian steel cutting business Miranda Tools.