Atlas Copco to buy Edwards for £1bn
Sweden’s Atlas Copco this morning announced it had agreed a deal to acquire UK vacuum pump manufacturer Edwards Group for SEK 10.6 billion (£1.04bn).
Atlas Copco president and CEO Ronnie Leten said the acquisition would bring together a number of synergies between Edwards’ vacuum pumps and Atlas Copco’s compressed air solutions.
It is a great fit for Atlas Copco
Atlas Copco CEO Ronnie Leten
“Edwards is a technology leader with a well-developed structure and solid customer relationships in industries we know well,” said Leten.
“It is a great fit for Atlas Copco. The vacuum solutions market is growing and has similar characteristics to our existing industrial businesses.”
Atlas Copco values the vacuum solutions market at more than £4 billion, and under the terms of today’s deal Edwards will become part of the company’s new Vacuum Solutions division.
Edwards had revenues in 2012 of £626 million, of which more than half was in Asia. The firm, based in Crawley, has more than 3,200 employees.
Atlas Copco’s acquisition of Edwards Group is expected to close in the first quarter of 2014.
UPDATE: Atlas Copco has announced that Geert Follens, currently in charge of its Industrial Air division, has been appointed president of the firm’s new Vaccuum Solutions division.
The Vacuum Solutions division will initially be in charge of Atlas Copco’s current vacuum business; for the whole value chain from product development, sourcing, and production, to sales and service.
When the acquisition of Edwards is completed, the company will be included in the new division. Like Edwards, Vacuum Solutions will be based in Crawley.