Techtronic Industries Co. Ltd. (TTI) announced that it has entered into a stock purchase agreement to acquire the Stockholm-based Atlas Copco AB's electric power tool and accessories business.
TTI is said to be one of Hong Kong's fastest growing manufacturers of hand power tools, including the Ryobi (R) and Homelite (B) brands. TTI reportedly agreed to pay US$713 million (HK$5.56 billion) for the Milwaukee(R) and AEG(R) brands, made by the U.S.-based Milwaukee Electric Tool Corp. and the Germany-based Atlas Copco Electric Tools GmbH, respectively.
"We are pleased to add the Milwaukee(R) and AEG(R) brands of power tools and DreBo(R) carbide drill bits to our growing family of global brands," Horst J. Puwill, chairman and CEO of TTI, said. "This acquisition takes advantage of our marketing and distribution networks and enhances our reach into the industrial/construction channel and power tool accessory market."
The transaction, which is subject to regulator clearances and other closing conditions, is expected to close before the end of 2004. If the stock purchase is cleared, TTI will become the world's fifth largest producer of power tools.
to Daily News