Atlas Copco to acquire U.S. based Quincy Compressor
Stockholm, Sweden, December 18, 2009: Atlas Copco has agreed to acquire Quincy Compressor from EnPro Industries, Inc. for approximately MUSD 190 (BSEK 1.4). The acquisition supports Atlas Copco’s profitable growth in North America and China, adding a strong brand and an extensive distributor network. The acquisition is subject to regulatory approvals.
Quincy Compressor had revenues in 2008 of MUSD 174 (BSEK 1.3), with an operating profit margin of about 15%, and has approximately 400 employees. It designs and manufactures reciprocating compressors, rotary screw compressors and vacuum pumps, primarily under the Quincy brand. Atlas Copco plans to further develop the Quincy brand independently, in line with the Atlas Copco Group’s well established brand portfolio strategy.
“We look forward to working with Quincy Compressor and its strong distributor network. The strategic fit is very good and we will be able to better serve customers in the United States with an even more differentiated product portfolio,” says Stephan Kuhn, Business Area President, Atlas Copco Compressor Technique. “For Atlas Copco, this acquisition offers interesting synergies in both product design and supply chain management, while adding a strong brand for our continued growth.”
Quincy was founded in the 1920s and is headquartered in Bay Minette, Alabama. It has manufacturing facilities in Bay Minette, Quincy, Illinois, and in Kunshan, China. The products are sold through a network of independent distributors and agents. More than three quarters of the sales are in the United States.
The acquisition is carried out by Fulcrum Acquisition LLC, a subsidiary of Atlas Copco North America LLC, and Atlas Copco (China) Investment Company Ltd., buying Quincy from EnPro’s subsidiary Coltec Industries, Inc. The company expects the transaction to close in the first quarter of 2010. Fulcrum will change its name to Quincy Compressor LLC once the acquisition is completed.
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, diesel and dual-fuel engines and other engineered products.
For further information please contact:
- Daniel Frykholm, Media Relations Manager
+46 (0)8 743 8060 of +46 (0)70 865 8060
- Mattias Olsson, Investor Relations Manager
+46 (0)8 743 8290 or +46 (0)70 497 8290
- Stephan Kuhn, Business Area President, Compressor Technique
+32 (0)3 870 2938 or +32 (0)474 881 154