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Atlas Copco Sales Up 22% in Fourth Quarter

Atlas Copco (STO:ATCOA)(STO:ATCOB) reported sales were up 22 percent in the fourth quarter to 19.4 billion kronor ($US3 billion), and profit was 2.9 billion kronor (US$450 million).

The manufacturer of compressors, construction and mining equipment, power tools and assembly systems reported order intake was up 28 percent.

Atlas Copco said demand for the manufacturer's products is expected to increase "somewhat." Demand in emerging markets as well as from the mining industry is expected to stay strong. Mature markets, including North America, are expected to continue to improve, according to Atlas Copco.

"We can look back at 2010 with pride. We have strengthened our position in the market and accomplished strong results,” says Ronnie Leten, president and CEO of the Atlas Copco Group. "We continue to invest in our operations to stay fit for even more profitable growth. One example is the substantial investment of almost half a billion Swedish kronor to increase production capacity and efficiency of rock drilling tools in Fagersta, Sweden. Another is the big investment in a new R&D center in Nanjing, China, which was approved today.”

Additionally, a new production facility for gas and process turbo compressors and turbo expanders was inaugurated in China in the quarter and a new customer center, focused on mining equipment, was opened in Mali.

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