This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Atlas Copco adquiere las acciones restantes del fabricante de bocas chino Wuxi-Hobic
Atlas Copco acquired the remaining shares of the Chinese manufacturer of bocas Wuxi-Hobic
25/07/2007
on July 25, 2007
The Atlas copco company has recently acquired the 40 percent of the shares of the company Wuxi-Hobic Diamond Bit Co Ltd., China, from his current partner, after receiving the approval of Chinese authorities. Wuxi-Hobic is a Chinese manufacturer of drilling tools of diamond markets of mineral exploration. With this acquisition, Atlas Copco will get a stronger in the Asian country position and will create a program for further development of the Wuxi factory.
"In China is one of the most interesting regions of the world, with the high prices of minerals historically speaking, the global market of exploration is expected to continue to grow," says Björn Rosengren, President of the business of building techniques and Atlas Copco mining area. "Complete ownership of Wuxi-Hobic will allow us to strengthen our position in this market, but will also support our capacity for the exploration of consumables on a global basis," adds Rosengren.
Geotechnics and Atlas Copco exploration Division has similar products production plants in Sweden, Canada and South Africa, with this acquisition will benefit from an increase in cooperation between these plants. Wuxi-Hobic has become 100 per cent in a wholly foreign owned, of Atlas Copco company (China) Investment Co. Ltd. The company's new name will be Atlas Copco (Wuxi) Exploration Equipment Ltd. The acquired business had revenues in 2006 for a total of 20 MSEK. Both sides have agreed not to disclose the purchase price.
