PRZOOM - /newswire/ -
Stockholm, Sweden, 2016/08/26 - Atlas Copco, a leading provider of sustainable productivity solutions, has agreed to acquire the self-pierce riveting business of Phillip-Tech (Beijing) Co., Ltd - Phillip-Tech.com.
Based in Beijing, with a sales and engineering site in Shanghai, Phillip-Tech (phillip-tech.com) has about 45 employees. The company sells self-pierce riveting products and solutions designed by Atlas Copco-owned Henrob, a market leader for this innovative joining technology that the Group acquired in 2014. Phillip-Tech’s customers include several major automotive manufacturers.
“Henrob’s riveting solutions are increasingly in demand by automakers because of their advanced assembly needs, and the strong team at Phillip-Tech plays a crucial role in marketing the technology in China,” said Mats Rahmström, President of Atlas Copco’s Industrial Technique business area.“This assembly solution will keep growing as automakers seek to build lighter vehicles to reduce fuel consumption.”
Self-pierce riveting is a mechanical fastening process for joining sheets of material where welding is difficult, such as aluminum. Car manufacturers’ use of this technology is increasing as they use new materials to make the vehicles lighter and more energy efficient.
The acquisition is expected to be completed in the fourth quarter 2016.
The parties have agreed not to disclose the purchase price. The acquired business will become part of the Industrial Assembly Solutions division in the Industrial Technique business area.
Contact: Mats Rahmström, Business Area President, Industrial Technique; P: +46 8 743 8000
About Atlas Copco
Atlas Copco (atlascopco.com) is a world-leading provider of sustainable productivity solutions. The Group serves customers with innovative compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems. Atlas Copco develops products and services focused on productivity, energy efficiency, safety and ergonomics. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 180 countries. In 2015, Atlas Copco had revenues of BSEK 102 (BEUR 11) and more than 43 000 employees.
Atlas Copco’s Industrial Technique business area provides industrial power tools and systems, industrial assembly solutions, quality assurance products, software and service through a global network. The business area innovates for sustainable productivity for customers in the automotive and general industries, maintenance and vehicle service. Principal product development and manufacturing units are located in Sweden, Germany, the United States, United Kingdom, France, Japan and Hungary.