Organic Sales for Atlas Copco Down 4% in Third Quarter - Modern Distribution Management

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Organic Sales for Atlas Copco Down 4% in Third Quarter

CEO: Mining equipment demand remained weak.

Atlas Copco (STO: ATCOA)(STO: ATCOB), Stockholm, Sweden, reported sales for the third quarter of SEK 20.6 billion (US$3.3 billion), an organic decrease of 4 percent compared to the same period a year ago. Operating profit decreased 14 percent to SEK 4.2 billion (US$664.3 million).

“Demand for industrial equipment was healthy, and the service business continued to develop well,” said Ronnie Leten, president and CEO. “Mining equipment demand remained weak.”

For the first nine months, sales were SEK 62.6 billion (US$9.6 billion), down 8 percent year-over-year. Profit fell 13 percent to SEK 9.2 billion (US$1.4 billion).

Atlas Copco will expand into process vacuum solutions by acquiring Edwards Group Ltd., a U.K.-based market and technology leader. In addition, Atlas Copco acquired Pneumatic Holdings Inc., a U.S. provider of pneumatic light construction tools; Dost Kompresör, a distributor and service provider of compressors in Turkey; and Synatec, a Germany-based company which provides quality improvement solutions mainly to the automotive industry.

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