Atlas Copco Acquires the Diamond Bit Manufacturer, Hobic Bit Industries Corporation.Business Wire STOCKHOLM, Sweden--(BUSINESS WIRE)--Sept. 6, 2000 Atlas Copco Atlas Copco is a Swedish industrial company that was founded in 1873. It manufactures industrial tooling and equipment. The Atlas Copco Group, founded already in 1873, is a global industrial group of companies headquartered in Stockholm, Sweden. has acquired the Canadian company Hobic Bit Industries Corp., with manufacturing plants in Vancouver, Canada, and Wuxi, China. The company has 85 employees and an annual turnover in excess of CAD 10 m (approx SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 60m). Hobic will become part of the Atlas Copco Craelius Division. The acquisition is in line with the division's strategy to expand the business in the mineral exploration field. Hobic, based in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada, is one of the world's leading manufacturers of diamond core drill Diamond core drill bits are used to bore large holes in brick, concrete and stone. They are not generally used in other materials. The bit consists of a metal cylinder, usually relatively soft steel mounted on an arbor. bits for the mineral exploration industry. The company has well-established manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Vancouver and Wuxi, China. The Chinese part of the acquisition is subject to Chinese authority approval. Hobic will continue to operate with its existing product line name on a worldwide basis. This new strategic acquisition will make Atlas Copco one of the largest diamond bit manufacturers in the world. The Chinese manufacturing operation enhances Atlas Copco's competitiveness and creates a base for further expansion in Asia. Atlas Copco Craelius, is a leading company in core drilling and ground engineering, parts, and services. Additional information on Atlas Copco Craelius is available on the website: www.atlascopco.com/craelius/ Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 1999, the Group had revenues of SEK 36 billion, with 97 percent of revenues outside Sweden, and over 26,000 employees. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools pneumatic tool (n  măt`ĭk), instrument activated by air pressure. Pneumatic tools are designed around three basic devices: the air cylinder, the vane motor, and the sprayer. , compressed air compressed air, air whose volume has been decreased by the application of pressure. Air is compressed by various devices, including the simple hand pump and the reciprocating, rotary, centrifugal, and axial-flow compressors. equipment and generators, construction and mining equipment, assembly systems, and offer related service and equipment rental. More information about the Group is available on the website: www.atlascopco- group.com. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se ----------------- The following files are available for download: http://www.bit.se/bitonline/2000/09/06/20000906BIT00240/bit0001.doc http://www.bit.se/bitonline/2000/09/06/20000906BIT00240/bit0002.pdf |
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