May 6, 2003
Stockholm, Sweden, May 6, 2003 - Milwaukee Electric Tool Corporation has announced plans to start up a small assembly operation in Mexico. "The start up of this operation will position Milwaukee to capitalize on its core competences and to ensure profitable long-term growth," says Daniel Perry, President and Chief Executive Officer of Milwaukee Electric Tool Corporation.
Milwaukee, a company within the Atlas Copco Group, is a leading North American manufacturer of heavy-duty tools and accessories with its corporate headquarters and a manufacturing operation in Brookfield, Wisconsin, USA. Manufacturing facilities are also located in Kosciusko, Greenwood and Jackson, MS, and Blytheville, AR, with a distribution center in Olive Branch, MS. The company operates 15 branch offices throughout the United States. It also has operations in Canada and Mexico and sales in Australia and parts of Europe.
Milwaukee's plans include relocation of assembly of selected product lines as well as returned goods reconditioning. Approximately 75-90 employees currently working in Blytheville, AR, and Kosciusko, MS, will be affected. The company expects some of the reductions to occur through early retirement and natural attrition. There will be no net loss of jobs as a result of this plan, which should begin in the next 90 days and be completed by December 31, 2003.
"We have a well mapped-out strategy which will strengthen Milwaukee's position in the global marketplace and help us grow our tool and accessory business," says Perry.
CONTACT: Debra Sajkowski, Marketing Communications Manager,
Milwaukee Electric Tool Corporation.
Phone + 1 262-783-8318 or [email protected]
Annika Berglund, Senior Vice President, Group Communications
Phone +46 8 743 8070 or [email protected]
Milwaukee Electric Tool Corporation, a company within the Atlas Copco Group, is a leading producer and seller of heavy-duty portable electric tools and accessories. Currently Milwaukee offers over 400 different tool models, including drills, circular saws, grinders, reciprocating saws and rotary hammers. In addition, more than 3,500 Milwaukee accessories are available including reciprocating saw blades, hole saws, wood boring bits, diamond core bits, and others to support tool products. More information is available on the company’s website: www.milwaukeetools.com.
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.