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Atlas Copco-owned Chicago Pneumatic Tool Company has agreed to acquire the assets of GSE tech-motive tool from SPX Corporation. GSE tech-motive tool has annual sales of approximately $24 million and 82 employees and contract workers. The purchase price was not disclosed.
GSE tech-motive tool, based inMichigan, manufactures and distributes specialized tightening solutions for customers with safety critical assembly applications, primarily in the motor vehicle industry. In addition to its main U.S. business, one third of total revenues is made outside the country. See also www.gsetechmotive.com
GSE tech-motive tool will be integrated into the Chicago Pneumatic (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 Europe and the Asia, both for electric powered assembly systems and pneumatic tools," says Goran Gezelius, Business Area Executive Industrial Technique. "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."
CP is increasing its presence in the industrial and the automotive aftermarket. In 2004, CP formed an equity joint venture in China, CP Qianshao (Qingdao) Power Tools Ltd. CP is also increasing focus on its electric tool assembly system business, including the acquisition of Scanrotor earlier this year. Scanrotor is a distributor of specialized tightening solutions, covering Europe.