Atlas Copco buys British bolt-tightening solutions specialist Tentec Ltd
23 November 2013
Swedish industrial company Atlas Copco AB yesterday said that it had acquired UK-based bolt-tightening solutions specialist Tentec Ltd.
Atlas Copco did not disclose the financial terms of the deal, but said that the acquisition would broaden its range of products and services to the oil and gas, power generation and mining industries.
Founded in 1988, West Bromwich-based Tentec specialises in hydraulic bolt tensioners - tools used in the assembly of heavy equipment.
Its main customer segments are the oil and gas, mining and power generation industries, including wind power.
Tentec has 65 employees and had 2012 revenues of £9.8 million.
"The acquisition of Tentec completes our portfolio of hydraulic bolt-tightening solutions that we are offering to several key industries," said Mats Rahmström, business area president for Atlas Copco Industrial Technique.
"This will help enhance customers' productivity and assembly process quality." The acquired business becomes part of the General Industry Tools and Assembly Systems division within Industrial Technique, and the legal owner is Atlas Copco Holding UK Ltd,'' he added.
Stockholm-based Atlas Copco is a global leader in the manufacture of compressors, construction and mining equipment, power tools and assembly systems.
The company manufactures products on 68 production sites in 20 countries and employs more than 33,000 people.
With a market cap of $33 billion, Atlas Copco posted net profit of $2.1 billion in 2012 on revenues of $13.8 billion.