Atlas Copco signs Joint Venture Agreement in Egypt
3 mar 1999
Stockholm, March 3, 1999 - Atlas Copco is forming a new joint venture sales company in Egypt. The joint venture agreement was concluded in Cairo, Egypt, by Alkan Enterprises, represented by Mr. Mohamed M. Nosseir, and the Atlas Copco Group. The formation of a majority-owned sales company is a natural step towards serving customers in an even more focused manner in the future.
The new company, Atlas Copco Egypt SAE, is under incorporation and is expected to be in operation by the end of March. The company will employ some 45 people. Mr. Nosseir, a leading Egyptian industrialist, will be Chairman of the Board of the new company. Atlas Copco has been active in the Egyptian market for many years. The main sales channel for Atlas Copco products has been the present distributor EISE, which is a company in the Alkan Group. Atlas Copco is an international group of industrial companies with its head office in Stockholm, Sweden, and 97 percent of revenues outside Sweden. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressors, construction and mining equipment, assembly systems, and motion control products. Additional information about Atlas Copco is available at the Group’s web site: www.atlascopco.com For further information, please contact: Kåre Engström, General Manager, Atlas Copco Compressor International N.V. Phone +32 3 870 2408, mobile +32 75 989 760, [email protected] Annika Berglund, Vice President, Corporate Communications, Atlas Copco AB Phone +46 8 743 8070, mobile +46 70 322 8070, [email protected]