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Atlas Copco inks repeat order for Indian mines

Swedish mining equipment producers Atlas Copco on Thursday revealed it had secured a 60-million ($9.2 million) repeat order with Indian buyers Hindustan Zinc.

Atlas Copco inks repeat order for Indian mines

The equipment includes face drilling rigs as well as loading and hauling machines, the company said in a statement. The order follows the first business tie-up between the two companies inked in May 2013.

The order will be delivered in 2013 to India, with equipment set to be used in the Zawar and Kayad mines in northwestern India.

Mother company Vedanta Resources produces zinc, lead and silver, and has invested in new technology to increase productivity “with a continued focus on environmentally-friendly technology”, the statement said.

“We share a valuable partnership with Vedanta, and this repeat order underlines our strong focus on customer satisfaction and ability to deliver products and solutions that boost customer productivity,” Atlas Copco spokesman Bob Fassl said.

The Stockholm-based company has 39,800 employees world-wide.

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ATLAS COPCO

Atlas Copco sucks up UK vacuum firm Edwards

Swedish industrial group Atlas Copco is set to acquire leading British vacuum technology firm Edwards Group Ltd. in an effort to expand into the growing market for sophisticated vacuum products.

Atlas Copco sucks up UK vacuum firm Edwards

Atlas Copco has agreed to pay up to $1.6 billion for the UK-headquartered Edwards, which trades on the Nasdaq exchange in New York.

“Edwards is a technology leader with a well-developed structure and solid customer relationships in industries we know well. It is a great fit for Atlas Copco,” Ronnie Leten, President and CEO of Atlas Copco, said in a statement.

“The vacuum solutions market is growing and has similar characteristics to our existing industrial businesses.”

Atlas Copco’s offer price of $9.25 per share represents at least an 11 percent premium over Edwards’ average value over the past month and will allow the Swedish company to expand into a the growing market of vacuum pumps used in semiconductor production.

“We recognize 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,” said Leten.

Edwards, which employees 3,200 people, saw sales reach about $1 billion last year, with half coming from Asia.

Stockholm-based Atlas Copco, which manufactures products ranging from mining drills to air compressors, has nearly 40,000 employees world-wide and an estimated market value of 217 billion kronor ($33 billion), according to the Bloomberg news agency.

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