CP Acquires GSE Techmotive Tool

"Chicago Pneumatic acquires US based tightening specialist ""Rock Hill, South Carolina, February 11, 2005: Chicago Pneumatic (CP), a division of Atlas Copco AB, announced today it has signed an agreement to acquire the assets of GSE tech-motive tool from SPX Corporation.GSE tech-motive tool has annual sales of approximately 24 MUSD and currently employs 82 people worldwide,most of which are located in the US. The purchase price was not disclosed. The acquisition is expected to be completed by early March, 2005.
GSE tech-motive tool, based in Novi, Michigan, manufactures and distributes specialized tightening solutions for customers with critical assembly applications, primarily in the motor vehicle industry. In addition to its main United States market, international sales account for approximately one third of total business, including Canada, Central Europe and China. See also http://www.gsetechmotive.com/.GSE tech-motive tool will be integrated into the CP division, within Atlas Copco’s Industrial Technique business area, and the new name will be CP Techmotive.“The acquisition of GSE tech-motive tool gives the CP division a further opportunity to increase its fastening solutions, primarily in the U.S. market, as well as Central Europe and the Far East, both for electric powered assembly systems and CP’s full line of pneumatic tools. GSE tech-motive tool’s engineering application center and sourcing in the United States are also valuable additions to what CP can currently offer its customers worldwide,” says Charlie Robison, President, Chicago Pneumatic Division. In August, 2004, CP formed an equity joint venture in China - CP Qianshao (Qingdao) Power Tools Ltd as a means to increase its presence in the industrial and automotive markets. Furthermore, CP is also increasing focus on its electric tool assembly system business which includes the acquisition of Scanrotor in late 2004, a distributor of specialized tightening solutions, covering Scandinavia, Central and Eastern Europe.Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2004, the Group had revenues of approximately BSEK 49, with 98% of revenues outside Sweden, and about 27 000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, industrial tools and assembly systems, and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC Equipment Rental, and CP. More information can be found on atlascopco.com.The Chicago Pneumatic Division offers the manufacturing industry assembly solutions based on electric powered assembly tools and systems, as well as pneumatic tools. The customers are found in land transportation, air and spacecraft, light assembly, general industries and vehicle repair and service. The company operates primarily in North America, Europe , India, China and Australia. CP employs approximately 900 people worldwide.CP Flies HighIn Aerospace " Reprinted by PneumaticToolsOnline.

Reference: Chicago Pneuamtic Inc. press releaseCome see us at http://www.pneumatictoolsonline.com to purchaseChicago Pneumatic products at industry low prices.