Atlas Copco to acquire Edwards vacuum group 21 August 2013
Swedish compressor plant giant Atlas Copco is buying UK vacuum pumps specialist Edwards for around £1.04 billion in cash.
“It is a great fit for Atlas Copco,” comments Ronnie Leten, president and CEO of the Stockholm-based group. “The vacuum solutions market is growing and has similar characteristics to our existing industrial businesses.”
The acquisition of Crawley-based Edwards (with 2012 revenues of £626 million, more than half in Asia) offers Atlas Copco an opportunity to expand into a growing international business serving industries that are already well known to the organisation.
“We recognise the strength Edwards has in its people and products, as well as their excellence in technology and innovation. We are excited that this professional company will join our group,” comments Leten.
The transaction, which will be effected as a merger, is subject to the usual conditions, but is expected to complete in the first quarter of 2014, when Edwards will become part of Atlas Copco’s new Vacuum Solutions division within its Compressor Technique business, under divisional president Geert Follens.