Atlas Copco has sold its controlling stake in Revathi Equipment - correction to release dated August 22, 2002
26 aug 2002
Stockholm, Sweden, August 26, 2002 - Atlas Copco Group has closed the deal made in April 2002, and sold its 40% shareholding in mining equipment manufacturer Revathi Equipment Limited (Revathi), India, to Utkal Investments.
The total consideration was MSEK 78 generating a profit before tax of MSEK 30. (Old sentence: The selling price was MSEK 78 generating a profit after estimated tax of MSEK 20-30.) Revathi, with annual revenues of approximately MSEK 100 in 2001, is listed on the Mumbai Stock Exchange. In April 2002, Utkal Investments announced its agreement with Atlas Copco, and made an offer to the other shareholders in Revathi in accordance with Indian regulations. Closing took place when these procedures were finalized, and after approval from Indian authorities. Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2001, the Group had revenues of SEK 51 billion, with 98 percent of revenues outside Sweden, and close to 26.000 employees. The Group produce and market compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, assembly systems, and offers related service and equipment rental. The Group owns famous brands like RSC, Milwaukee, Chicago Pneumatic and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com. Atlas Copco has a large operation in India. Atlas Copco (India) Ltd. is a leading industrial company in India, listed on the stock exchange in Mumbai, with annual revenues of more than MSEK 500. In 2001, Atlas Copco AB, Sweden, increased its shareholding in Atlas Copco (India) to above 50%.