SP Mining provides high-capacity screening solutions and feeders.
It also has an aftermarket business that includes application support, screen refurbishment, product engineering design and manufacturing and digital support services.
SP Mining's main research and development and production sites are located in Australia. There are additional production units in South Africa, Brazil and China.
Sandvik Rock Processing Solutions president Anders Svensson said SP Mining's range of high-capacity screens and feeders would complement the Sandvik product range and enhance its position among key customer groups in the mineral processing space.
"The transaction also gives Sandvik access to a broadened screening media offering, which will add significant potential to our aftermarket business," Svensson said.
Schenck Process Group CEO Keith Cochrane said by selling SP Mining Schenck could focus on growing and extending its positions as a global solutions provider for the food, chemical and performance materials markets as well as infrastructure and energy.
"Sandvik Rock Processing is both a natural and excellent new partner for our mining business, creating a stronger platform to build on our recent market success," he said.
SP Mining's business had revenues in the 2021 financial year of about €160 (A$240) million. It has about 630 employees.
Sandvik president and CEO Stefan Wilding said the acquisition was part of the company's shift to growth strategy by expanding its core offering in a profitable niche and also strengthening its aftermarket share of the rock processing business.
"This validates our strategy when forming the Sandvik Rock Processing business area and it allows us to bring value to a larger part of our mining customers' value chain," Wilding said.
The transaction is expected to close within the fourth quarter of 2022.