March 3, 2005
Stockholm, Sweden, March 3, 2005: Atlas Copco-owned Chicago Pneumatic Tool Company has completed its acquisition of the assets of GSE tech-motive tool from SPX Corporation. GSE tech-motive tool has annual sales of approximately MUSD 24 (MSEK 170). 67 employees and contract workers will transfer with the business. The purchase price has not been disclosed.
GSE tech-motive tool, based in Michigan, in the United States, manufactures and distributes specialized tightening solutions for customers with safety critical assembly applications, primarily in the motor vehicle industry. In addition to its main U.S. business, approximately one third of total revenues is made outside the country. See also www.gsetechmotive.com. GSE tech-motive tool will be integrated into the Chicago Pneumatic (CP) division, within Atlas Copco’s Industrial Technique business area, and the new name will be CP Techmotive.
Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2004, the Group had revenues of approximately BSEK 49, with 98% of revenues outside Sweden, and about 27 000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, industrial tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC Equipment Rental, and CP. More information can be found on atlascopco.com. 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.