Atlas Copco's AGM 2003 Summary
April 28, 2003
Stockholm, Sweden, April 29, 2003 - Atlas Copco's Annual General Meeting (AGM) was held yesterday. In his address to the shareholders, Gunnar Brock, President and CEO, reported on the Group's performance in 2002, and on the strategic directions.
In his address to the shareholders Brock highlighted the strategic direction of the Group;
We focus on organic growth, but will continue to acquire complementary businesses.
We will further develop the after market strategy use-of-products within all business areas.
As many customers see benefits in renting instead of buying, renting is a central part of our activities.
The markets where we aim to grow are the ones with a large potential for us, e.g. Asia, Russia, Eastern Europe and the United States.
Innovation and the capability to continuously develop and launch new and better products is the foundation for our growth.
Brock ended his presentation by saying that through the current work with addressing ethics, environmental and social responsibility issues, the already strong corporate culture will be reinforced.
The Meeting adopted the Board of Directors' proposed dividend for the 2002 fiscal year of SEK 5.75 per share. May 2, 2003, was approved as the record date. It is estimated that dividends will be distributed by Värdepapperscentralen VPC AB (the Swedish Securities Register Center) on May 7, 2003.
The Meeting re-elected the following members of the Board: Jacob Wallenberg, Gunnar Brock, Sune Carlsson, Kurt Hellström, Thomas Leysen, Ulla Litzén, and Charles E. Long. Staffan Bohman and Anders Ullberg were elected as new members.
In conjunction with the AGM the Board of Directors of Atlas Copco AB held a constitutional meeting. At this meeting Sune Carlsson was elected Chairman of the board, and Jacob Wallenberg was elected vice Chairman. The Board of Directors appointed Sune Carlsson, Jacob Wallenberg and Kurt Hellström to form the Remuneration Committee. Sune Carlsson, Ulla Litzén and Thomas Leysen were appointed to form the Audit Committee.
CONTACT: Annika Berglund, Senior Vice President, Group Communications, Phone: +46 8 743 8070, mobile: +46 70 322 8070, [email protected]
Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2002, the Group had revenues of close to SEK 48 billion (EUR 5.2 billion), with 98% of revenues outside Sweden, and about 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.
To the editor: Mr. Brock's complete address to the shareholders will be published on the Group's website: www.atlascopco-group.com > Investor Relations