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Atlas Copco, Stockholm, Sweden, reported sales for the first quarter of SEK 20.2 billion (US$3.1 billion), an organic decline of 5 percent. Operating profit decreased by 10 percent to SEK 4.2 billion (US$640.8 million).
During the first quarter, Atlas Copco completed two acquisitions, one in China and one in France, and announced an agreement to acquire a tools business in the U.S. The company also inaugurated new manufacturing sites in China and India.
“Demand for our equipment weakened somewhat as the mining sector and much of the European region continued to struggle,” said Ronnie Leten, president and CEO. “The industrial segments performed well, notably in North America, as did our service business overall.”
In the near term, the overall demand for the company’s products and services is expected to remain at the current level.