Thieves targeted Wodonga Sand and Soil early Thursday morning.

Drilling equipment imported from the United States and a 2002 Toyota HiLux utility were taken from the Victoria Cross Parade business.

Owner Michael Cheshire said the equipment was "extremely specialised" and police believe it was a targeted incident.

"It's a real kick in the guts," he said.

"It's very disheartening.

"The equipment was used for directional drilling, putting pipes in the ground for electricity and Telstra, that type of stuff.

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"Ten to 12 people work in that area and it's put a halt to our drilling business, effective immediately."

The thieves spent a lengthy period in the yard and searched multiple vehicles.

Detective Senior Constable Ian Deverell said police were keen to speak to people who saw the stolen silver utility.

"This is a small business struggling in hard times," he said.

"This is a blow to their financial situation.

"At this stage we believe the offence is a targeted offence."

The offenders took tools from multiple vehicles at the yard.

Another vehicle was stolen at the weekend, but police think the incidents may not be linked.

Security footage was being reviewed.

Detective Senior Constable Deverell said it was thought multiple people were involved in the offending.

"It's disgusting that somebody in these times has gone out to target a small business that is struggling," he said.

Mr Cheshire said he was keen to recover the equipment, which can't easily be replaced or hired.

The incident was discovered about 6.20am on Thursday when workers arrived at the yard.

Anyone with information can contact police on (02) 6049 2600 or Crime Stoppers on 1800 333 000.