Atlas Copco acquires GIA Industri5 January 2012
Atlas Copco announced on 16 December that it had purchased the underground business Swedish manufacturer GIA Industri from Vatterledens Verkstad. An Atlas Copco spokesman said it has added electric mine trucks, utility vehicles and ventilation systems to its range.
The 130-year-old GIA Industri business had a complement of 113 employees at the time of acquisition. It boasted an annual revenue of approximately SEK 230M (USD 33.75M). Other business areas unrelated to mining and underground construction were not sold. The purchase price was undisclosed.
President for Atlas Copco Mining and Rock Excavation Technique, Bob Fassl, said,
“The acquisition of GIA is a good strategic fit for Atlas Copco. We are entering new market segments and will be able to serve customers with an even broader product portfolio. We especially look forward to offering our customers the Kiruna Electric haulage truck with its strong environmental profile. We see great opportunities in leveraging Atlas Copco’s global sales network for this and GIA’s other products.”