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April 24, 2008
Stockholm, Sweden, April 24, 2008: Atlas Copco North America LLC, USA, has signed an agreement with Grimmer Industries Inc., USA, to acquire its Hurricane™ booster and GrimmerSchmidt™ portable compressor business. With the acquisition, Atlas Copco will meet the growing demand for high-pressure products used in the oil and gas industries.
The acquired business includes 90 employees and had revenues of MUSD 25 (MSEK 146) in 2007. It manufactures, sells and services compressed air and gas booster compressors, natural gas boosters and portable air compressors under the brands of Hurricane™ and GrimmerSchmidt™.
“We have seen increased demand for higher pressures from customers in oil and gas industries. The Hurricane boosters directly meet this demand and are an excellent complement to our offer,” says Ronnie Leten, Business Area President, Atlas Copco Compressor Technique. “The acquisition is a strategic step to strengthen our position in these market segments.”
Grimmer Industries Inc. is privately owned and is based in Franklin, Indiana. Atlas Copco intends to retain the operations at the current location. The business will be operated by the newly formed legal entity with the name Atlas Copco Hurricane LLC, within the Portable Air division.
The parties have agreed not to disclose the purchase price. The deal is expected to close in mid-May, 2008.
Atlas Copco may be required to disclose the information provided herein pursuant to the Securities Markets Act.
The information was submitted for publication at 08:45 on April 24, 2008.