Atlas Copco, Ingersoll-Rand deal final

Ingersoll-Rand Drilling Solutions is a manufacturer and distributor of drilling equipment and consumables for surface mining and construction. The business has a leading position within these product areas in the U.S. and a strong position on many markets elsewhere. Drilling Solutions has its head office in Garland, Texas, and production sites in the U.S., Japan and China. The transaction also includes Drilling Solutions assets in India, subject to approval by the shareholders of I-R's Indian company, with this part of the transaction expected to close in the third quarter of 2004.

The acquisition will give Atlas Copco the products to expand in the open pit mining market. Following the acquisition, a new division has been created within the Construction and Mining Technique business area, with the name Atlas Copco Drilling Solutions. Bob Fassl has been appointed president of this new division.