Atlas Copco Buys Chinese Rock Drilling Tools Business
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130305:nBw055725a STOCKHOLM--(Business Wire)-- Atlas Copco (China) Investment Co,. Ltd. (STO:ATCOA)(STO:ATCOB) has acquired 75% of Shandong Rock Drilling Tools Co., Ltd., a leading Chinese supplier of rock drilling tools. The acquisition strengthens Atlas Copco`s position in the local market in mining and construction consumables. Shandong Rock Drilling Tools had sales in 2012 of MRMB 393 (MSEK 420) and 687 employees. The company, located in the Shandong province in eastern China, is part of the privately held Shandong Sanshan Group, which also owns an adjacent steel mill. Atlas Copco will also acquire close to 25% of the steel mill. "We are very pleased with this acquisition as it provides us with a strong base to further strengthen our position in China," said Bob Fassl, Business Area President, Atlas Copco Mining and Rock Excavation Technique. "We see a long-term opportunity to grow in products for top hammer drilling. The agreement will give us new inroads into extending our business." All needed regulatory approvals have been received for the acquisition of Shandong Rock Drilling Tools. The steel mill investment is expected to be approved by local authorities shortly. The acquired company will be part of Atlas Copco`s division Rock Drilling Tools. Atlas Copco is an industrial group with world-leading positions in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. With innovative products and services, Atlas Copco delivers solutions for sustainable productivity. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries. In 2012, Atlas Copco had 39 800 employees and revenues of BSEK 90.5 (BEUR 10.5). Learn more at www.atlascopco.com. Atlas Copco`s Mining and Rock Excavation Technique business area provides equipment for drilling and rock excavation, a complete range of related consumables and service through a global network. The business area innovates for sustainable productivity in surface and underground mining, infrastructure, civil works, well drilling and geotechnical applications. Principal product development and manufacturing units are located in Sweden, the United States, Canada, China and India. This information was brought to you by Cision http://news.cision.com Atlas Copco Bob Fassl, Business Area President, Mining and Rock Excavation Technique +46 (0)8 743 8314 or Ola Kinnander, Media Relations Manager +46 (0)8 743 8060 or +46(0)70 347 2455 Copyright Business Wire 2013