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Swedish manufacturer Atlas Copco (STO: ATCOA, ATCOB), Nacka, Sweden, reported sales for 2016 of SEK 101.4 billion (US$11.5 billion), up 2 percent over sales in 2015. Profit also increased 2 percent to SEK 11.9 billion (US$1.4 billion).
For the fourth quarter, sales were SEK 28.5 billion (US$3.2 billion), a year-over-year increase of 14 percent. Profit more than doubled to SEK 2.5 billion (US$280 million), compared to SEK 1 billion a year ago.
The company named Mats Rahmström as president and CEO of Atlas Copco AB, effective April 27.
Atlas Copco also agreed to sell its road construction equipment division to the French industrial and construction company Fayat Group. The deal includes sales and service operations in 37 countries and production units in five countries –a Sweden, Germany, Brazil, India and China. The business has 1,265 employees and revenues of SEK 2.9 billion (US$330 million) in 2016. The sale is expected to close in the second quarter.