Atlas Copco AB has agreed to acquire the underground business of GIA Industri AB from Vätterledens Verkstad AB. The terms of the deal were not disclosed. With the acquisition, Atlas Copco broadens its offering with products including electric mine trucks, utility vehicles and ventilation systems.
GIA Industri AB was founded in 1884 and has been owned by Vätterledens Verkstad AB since 1994. The GIA headquarters and production facility are located in Grängesberg, Sweden. It employs 113 employees with annual revenues of about MSEK 230 ($33.5 million).
“The acquisition of GIA is a good strategic fit for Atlas Copco. We are entering new market segments and will be able to serve customers with an even broader product portfolio,” said Bob Fassl, business area president, Atlas Copco Mining and Rock Excavation Technique. “We especially look forward to offering our customers the Kiruna electric haulage truck with its strong environmental profile, and see great opportunities in leveraging Atlas Copco’s global sales network for this and GIA’s other products.”
GIA’s products also include locomotives and shuttle car systems for underground transportation, charging and service trucks, scaling and cable bolting equipment, digging-arm loaders and complete ventilation systems.