Boart Longyear John Hoffmeister as president and chairman of the board of the company. FACTS was dissolved when Boart International (a wholly owned subsidiary of Anglo American) bought out CDP's interest in Longyear. In 1974, Boart International invested capital which helped Longyear to become the world's leading manufacturer of diamond bits. Boart Longyear engineers in North Bay, Ontario, secured a reliable source of high-performance synthetic diamonds, which triggered the development of a new bit design – the impregnated-diamond bit. With decades of powder metallurgy experience behind them, Longyear engineers set out to develop a new crown that consisted of synthetic diamonds evenly
Boart Longyear In 2005, Boart Longyear was acquired by the private equity firms Advent International, Bain Capital, and several management investors. The headquarters were then moved to Salt Lake City. Since the sale by Anglo American, management has undertaken a number of ownership changes, restructuring initiatives, and acquisitions, establishing Boart Longyear as a global leader in mining exploration services and products. By October 2006, Advent sold Boart Longyear to the Australian investment firm, Macquarie Bank, and, in April 2007, Macquarie took Boart Longyear public in an A$2.3 billion IPO on the ASX stock exchange. Boart Longyear’s IPO was the second largest IPO