Atlas Copco To Divest Part Of Australian Rental Operation
Posted on August 29, 2007
Atlas Copco said it has agreed to divest some assets of Prime Industrial Rentals in Australia to Coates Hire Limited, in order to focus the operations on specialty rentals for industrial applications. The assets divested are predominantly generators and air compressors, and four branches with 52 employees. As part of the transaction, Atlas Copco will acquire Coates's fleet of oil-free air compressors.
"This agreement will allow Prime to focus on the future development of specialty rentals in Australia, where we have seen increasing demand," says Ronnie Leten, President of Atlas Copco's business area Compressor Technique. "It will bring Prime further in its profitable growth strategy to develop applications for industrial and oil and gas customers, with a special focus on oil-free and high-pressure air."
Prime Industrial Rentals will continue to operate as part of Atlas Copco's division Specialty Rental. Specialty Rental is a division within Atlas Copco's Compressor Technique business area. It serves customers in the industry segments around the world with temporary air and power rental solutions. The specialty rental services are offered under several brands. The divisional headquarters is in Antwerp, Belgium.