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 new technology to the industry, drilling products include a heli-portable surface drill with integrated rod handling, patented surface set bit technology and patented spearpoint design for the corebarrel head assembly. In 2011, Boart Longyear reached record revenue of $2 billion. In late 2012, CEO Craig Kipp resigned amidst slowdowns in mineral business and capital expenditure revisions, leading market to believe further deterioration of Boart's revenue is expected. Boart Longyear chairman David McLemore stepped in as acting CEO. Longtime Chief Financial Officer, Joseph Ragan, has recently resigned as well. adding to the deep changes at Boart's leadership level in recent months.