Atlas Copco to acquire GIA
December 28, 2011 – Atlas Copco AB has agreed to acquire the underground business of GIA Industri AB from Vätterledens Verkstad AB. With the acquisition, Atlas Copco broadens its offering with products including electric mine trucks, utility vehicles and ventilation systems. “This is an important acquisition for the U.S. market,” noted Ed Tanner, Atlas Copco’s business line manager for underground rock excavation equipment in the United States. “We’re going to be able to support a greater portion of our existing customers’ operations, as well as be able to enter new markets.”
GIA Industri AB was founded in 1884 and has been owned by Vätterledens Verkstad AB since 1994. The GIA headquarters and production facility is located in Grängesberg, Sweden. The acquired business has 113 employees and annual revenues of about MSEK 230. The seller will retain the operations of GIA that are not related to mining. The parties have agreed not to disclose the purchase price. “The acquisition of GIA is a good strategic fit for Atlas Copco. We are entering new market segments and will be able to serve customers with an even broader product portfolio,” said Bob Fassl, business area president for Atlas Copco Mining and Rock Excavation Technique. “We especially look forward to offering our customers the Kiruna Electric haulage truck with its strong environmental profile. We see great opportunities in leveraging Atlas Copco’s global sales network for this and GIA’s other products.”
Published: Friday, 30 December 2011 13:09
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