April 18, 2002
Stockholm, Sweden, April 18, 2002 - Atlas Copco (China) Investment Company Ltd. has signed a purchase contract to acquire the Chinese compressor manufacturer Liuzhou Tech Machinery Co. Ltd. (Liutech). The company has annual revenues of about MSEK 100 (M€ 11) and 190 employees. The purchase price was not disclosed.
Liutech is located in Liuzhou, Guangxi province, in southern China. The company produces oil-injected screw compressors and refrigerant airdryers and manufactures screw elements. Liutech has an established sales and service organization. The acquisition is in line with Atlas Copco's strategies regarding multi-brand and to increase its production, sales and service presence in Asia. Liutech, which will become part of the Industrial Air division within the Compressor Technique business area, will continue to operate under its established brand Liutech. “We want to increase our presence in China and Liutech has a clear profile and a good brand reputation with its customer base,” says Ronnie Leten, President of the Industrial Air division. Since 1984, Atlas Copco has participated in the production and service of its products in China. More information about Liutech is found on http://www.liutech.com/.
Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2001, the Group had revenues of SEK 51 billion (EUR 5.4 billion), with 98% of revenues outside Sweden, and close to 26,000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC, Milwaukee Electric Tool, Chicago Pneumatic, and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com. Industrial Air is a division within the business area Compressor Technique of the Atlas Copco Group with the main production center located in Antwerp, Belgium. The division develops, manufactures and markets worldwide a vast range of oil injected and oil-free air compressors and air treatment equipment used in all kind of industries. By nature and innovative design Industrial Air cares for the environment. The company employs approximately 2000 people worldwide. Find more information on the website: www.atlascopco.com.