COMPANY NEWS Atlas Copco acquires GIA underground lines Dec 2011
Atlas Copco News Release
- Atlas Copco has agreed to acquire the underground business of GIA Industri AB from Vätterledens Verkstad AB. With the acquisition, Atlas Copco broadens its offering with GIA products including electric mine trucks, utility vehicles and ventilation systems.
Atlas Copco takes GIA under its banner
- GIA Industri AB was founded in 1884 and has been owned by Vätterledens Verkstad AB since 1994. GIA's headquarters and production facility is located in Grängesberg, Sweden. The acquired business has 113 employees and annual revenues of about SEK 230 million (€25.5 million, US$33 million). The seller will retain the operations of GIA that are not related to mining. The parties have agreed not to disclose the purchase price.
- "The acquisition of GIA is a good strategic fit for Atlas Copco," said Bob Fassl, Business Area President for Atlas Copco Mining and Rock Excavation Technique. “We are entering new market segments and will be able to serve customers with, in particular, the Kiruna electric haulage truck with its strong environmental profile, and see great opportunities in leveraging Atlas Copco's global sales network for this and GIA's other products."
- GIA's underground product range also include locomotives and shuttle car systems for underground transportation, charging and service trucks, Häggloaders, scaling and cable bolting equipment, and complete ventilation systems. GIA is mainly represented through distributors. GIA Industri AB will be part of the Underground Rock Excavation division within Atlas Copco's Mining and Rock Excavation Technique. The acquisition is expected to be finalised during the first quarter of 2012.
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Electric Häggloader keeps hydro tunnel green - TunnelTalk, July 2011
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