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December 17, 2004
Stockholm, Sweden, December 17, 2004: Atlas Copco AB has today signed an agreement to acquire Scanrotor Global AB, Sweden. Scanrotor has annual sales of MEUR 8 (MSEK 71) and employs 33 people. The purchase price was not disclosed. The acquisition is expected to be completed by the beginning of January, 2005.
Scanrotor provides specialized tightening solutions for customers with safety critical assembly applications, primarily in the motor vehicle industry. Its head office is in Sweden. Additional locations are in Belgium, Turkey and Romania. See also www.scanrotor.se.
Scanrotor will be part of the Chicago Pneumatic (CP) division, within Atlas Copco’s Industrial Technique business area. The founder, Anders Olevik, will continue as General Manager for the company, which will be named CP Scanrotor after the acquisition.
“The acquisition of Scanrotor gives Chicago Pneumatic (CP) division an increased presence in Scandinavia, Central and Eastern Europe, both for electric powered assembly systems and CP’s full line of pneumatic tools,” says Göran Gezelius, Business Area Executive, Industrial Technique. “Scanrotor’s design and engineering capabilities in Nordic and Eastern Europe are a valuable addition to what CP can currently offer its customers in other parts of Europe.”
CP is increasing its presence in the industrial and automotive businesses and, earlier this year, formed an equity joint venture in China, CP Qianshao (Qingdao) Power Tools Ltd.
Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2003, the Group had revenues of approximately BSEK 45 (BEUR 4.9), 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, and CP Chicago Pneumatic. More information can be found on www.atlascopco-group.com.
The Chicago Pneumatic division offers the manufacturing industry assembly solutions based on electric powered assembly tools and systems and well as pneumatic tools. The customers are found in land transportation, air and spacecraft, light assembly, general industries and vehicle repair and service. The company operates primarily in North America, Europe, India, China and Australia. Please visit CP website for more information: www.cp.com.