Atlas Copco buys Aggreko's European oil-free business

Atlas Copco bought the European oil-free air (OFA) compressor rental business of UK-based Aggreko plc for €14.6 million. The purchase closed on 20 November and expanded the Atlas Copco Specialty Rental division.

The Swedish company said it will integrate the 200 compressor and dryers of the deal into its European fleet. The purchased company had 25 employees and net assets of approximately €5 million. It generated annual revenues of approximately €8.7 million, said Atlas Copco.

Ronnie Leten, business area president, Atlas Copco Compressor Technique, said, "This business is a perfect fit with our Specialty Rental division as they serve similar market segments and applications, broadening our customer base in Europe. The acquisition supports the growth of Specialty Rental's core business, rental of oil-free air equipment."

Chief executive of Aggreko Rupert Soames said; "Oil-free air is the smallest of our product groups, and while we have a large and successful OFA rental business in North America in which we will continue to invest, we do not believe that our European OFA business has the scale to warrant further investment.”

Atlas Copco's Specialty Rental division is headquartered in Antwerp, Belgium and offers its temporary air and power services around the world.