Swedish engineering group Atlas Copco said on Monday it was buying British industrial technology firm Edwards Group for up to $1.6 billion, an investment which should help it offset volatile swings in its mining business.
Atlas Copco, which employs more than 40,000, said it would acquire Edwards in an all-cash transaction and that the deal would close in the first quarter.
Edwards employs more than 3,200 and is a market leader in sophisticated vacuum pumps used in the chemical and pharmaceuticals industries. It had revenues of £595 million in 2012.
Atlas has come under pressure from a weak mining industry, which has suffered as softer prices for commodities such as coal, copper and gold have raised doubts about future investment returns.
