Swedish industrial manufacturer Atlas Copco has agreed to acquire HHV Pumps Pvt. Ltd, a provider of vacuum pumps in India.
The financial terms of the agreement were not disclosed.
HHV Pumps provides vacuum pumps used for chemical and pharmaceutical industries, electrical power equipment, general industry, and rotary vane pumps used for manufacturing refrigeration and air-conditioning.
The company is based in Bengaluru, India, and has 151 employees. In the fiscal year of 2020, HHV Pumps had revenues of approximately $6 million.
The acquisition is expected to close during the first quarter of 2022.
“India is an important market for us and a fast-growing economy,” said Geert Follens, Business Area President Vacuum Technique for Atlas Copco. “HHV Pumps has a strong reputation and through this acquisition we will strengthen our market presence as well as give us capabilities for local manufacturing.”