HVAC Breaking News

Sept. 16, 2004: TTI To Acquire Atlas Copco AB's Power Tool Business

September 16, 2004
/ Print / Reprints /
/ Text Size+
HONG KONG - Techtronic Industries Co. Ltd. (TTI) announced that it has entered into a stock purchase agreement to acquire Atlas Copco AB's electric power tool and accessories business, currently conducted through Milwaukee Electric Tool Corporation and Atlas Copco Electric Tools GmbH and certain other entities under the brand names Milwaukee® and AEG®. The net cash consideration for the purchase is US $626.6 million on a debt-free basis.

The transaction, which is subject to regulatory clearances and customary closing conditions, is expected to close prior to the end of 2004.

Horst J. Pudwill, chairman and CEO of TTI, said, "We are pleased to add the Milwaukee and AEG brands of power tools and DreBo® carbide drill bits to our growing family of global brands. With their 80-year histories, Milwaukee is one of the most widely respected brands in the professional contractor market segment, and in Europe, AEG brings an additional highly respected brand to our portfolio. This acquisition takes advantage of our marketing and distribution networks and enhances our reach into the industrial/construction channel and power tool accessory market. The TTI Group is confident in our ability to continue generating strong double-digit returns for our shareholders."

Added Pudwill, "The TTI Group is particularly excited about the superb engineering and manufacturing expertise represented at Milwaukee and AEG. This acquired expertise will further enhance our global ability to expand our entire product portfolio and enables us to work with Milwaukee's strong dealer base in the U.S., an important distribution channel for the professional contractor. Additionally, Milwaukee, AEG, and DreBo complement our Ryobi® brand of consumer power tools and accessories."

For more information, visit www.ttigroup.com.

Publication date: 09/13/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.


NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts



NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


Which statement on service calls best applies to your business?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con