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May 8, 2000
Stockholm, May 8, 2000 - The Rental Service business area has established a third business entity, ISP (Innovative Services Provider). ISP will provide its two divisions, Prime Service and Rental Service Corporation (RSC), with an "internal outsource" solution in the major areas of Fleet Management and Purchasing, Human Resources, Information Technology, Acquisitions, Finance and Accounting, Marketing Support and Communications.
ISP's objective is to efficiently provide higher levels of service and quality, and cost competitive solutions. As compared to Atlas Copco ASAP in Europe (Advanced Service and Administration Provider), ISP delivers additional services in the areas of fleet management, marketing support and communications.
“The establishment of ISP is a way to further formalize the development of synergies in these specific areas, between the two divisions,” said Tom Bennett, Senior Executive Vice President of the Rental Service Business Area. “This will allow us to accelerate projects under way, and achieve results faster.”
ISP will operate with its own management team, consisting of employees from both RSC and Prime. Mark Cohen, currently President of Atlas Copco North America, Inc., is serving as ISP's acting General Manager. The business entity will be co-located in Scottsdale, Arizona, Houston, Texas, and in various locations throughout the companies' network of stores in North America.
The acquisition of RSC in July last year was highly complementary to Atlas Copco's Prime Service, Inc., synergies were identified in a number of areas. Besides the development of synergies within the business area, the acquisition gave better opportunity to develop product synergies with other Atlas Copco divisions. Also, the Rental Service business area immediately benefited from better access to and a lower cost of capital.
Rental Service is a business area within the Atlas Copco Group, an international industrial company with its head office in Stockholm, Sweden. In 1999, the Group had revenues of SEK 36 billion, with 97 percent of revenues outside Sweden, and over 26,000 employees. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressed air equipment and generators, construction and mining equipment, assembly systems, and offer related service and equipment rental. More information is available on www.atlascopco-group.com.
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