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December 17, 1998
Stockholm, December 17, 1998---Atlas Copco South Africa Inc., has concluded an agreement to purchase Rand Air Ltd., of South Africa, a leading compressed air rental company. Rand Air will join the Atlas Copco Portable Air division. The acquisition is in line with the Group’s strategy to develop business based on use of products. The purchase price was not disclosed.
Rand Air Ltd., based in Johannesburg, South Africa, is a leading compressor rental company serving the construction and mining sectors as well as the manufacturing sector. The company has 14 rental yards and about 200 employees. Annual turnover is roughly ZAR 64 million. Rand Air will continue to operate under its well-established brand name. The acquisition is effective from January 1, 1999. This acquisition is the latest move by Atlas Copco to strengthen its position in the rental industry in selected regions around the world. During the past 12 months, the Group has acquired several equipment rental companies in the United States and in Mexico.
Atlas Copco Portable Air, part of the Compressor Technique business area, is a leading manufacturer of portable compressors and generators. The Portable Air division has its main customer base in the construction and rental equipment industries. Additional information is available at the web site: www.atlascopco-compressors.com Atlas Copco is an international group of industrial companies with its head office in Stockholm, Sweden, and 97 percent of revenues outside Sweden. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressors, construction and mining equipment, assembly systems, and motion control products. Additional information about Atlas Copco is available at the Group’s web site: www.atlascopco.com