STOCKHOLM, Sweden, Feb. 7, 2002 (PRIMEZONE) -- Atlas Copco (China) Investment Company Ltd. has signed a letter of intent to acquire the Chinese compressor manufacturer Liuzhou Tech Machinery Co. Ltd. with annual revenues of about MSEK 100 (ME 11) and 180 employees.
Liuzhou Tech Machinery Co. Ltd (Liutech) is located in Liuzhou, Guangxi province, in southern China. The company assembles oil-injected screw compressors and refrigerant airdryers and manufactures screw elements. Liutech has an established sales and service organization. The acquisition is in line with Atlas Copco's strategy to increase its production, sales and service presence in Asia.
Liutech, which will become part of the Industrial Air Division within the Compressor Technique business area, will continue to operate under its established brand. "We want to increase our presence in China and Liutech has a clear profile and a good brand reputation with its customer base," says Ronnie Leten, President of the Industrial Air Division. "Liutech recognized the need for a strong partner who can contribute technological development in products and processes, and that's where we came in."
Atlas Copco has owned a compressor assembly plant in Wuxi, China, since 1994. That production unit has been expanded two times since it was established. Today it has ISO 14001 certification (environmental management system).
Industrial Air Division, part of the Compressor Technique business area, is a leading manufacturer of air compressors and dryers and filters. The division has its main customer base in the manufacturing industries. Find more information on the website: www.atlascopco.com.
Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2000, the Group had revenues of SEK 46 billion, with 98 percent of revenues outside Sweden, and more than 26.000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, assembly systems, and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC, Milwaukee Electric Tool, Chicago Pneumatic and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com.
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