Swedish engineering group Atlas Copco is expanding its presence in China through the acquisition of Guangdong Euroklimat, a Chinese manufacturer of industrial heating and cooling equipment, Sweden Herald reports.
Guangdong Euroklimat has factories and assembly facilities in Guangdong province in southern China and in Tianjin, southeast of Beijing.
The company had sales of approximately SEK 1.82 billion last year and employs around 1,000 people.
“I am convinced that Guangdong Euroklimat, with its strong local presence in China, will fit in perfectly with the group both in terms of technology and the company’s entrepreneurial culture,” said Philippe Ernens, Business Area Manager at Atlas Copco.
The purchase price has not been disclosed. The acquisition is expected to be completed during the third quarter of this year.
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