Swedish industrial group Atlas Copco has acquired Industrie Pumpen Vertriebs GmbH (IPV), a German distributor of industrial pumps, including Italy-based Varisco at an undisclosed price. Italy-based Varisco has been owned by Atlas Copco since late 2015.
IPV is based in Dresden, and reported revenues of approximately ?,?5 million (5.7 million) in 2017. It has around 20 employees.
IPV will become part of Atlas Copco's Power and Flow division in the Power Technique business.The main market for IPV is the chemical industry. "The industrial segment is key for us in order to further grow our pumps business," said Andrew Walker, business area president, power technique. "The acquisition will strengthen our presence in the north west of Europe".
The acquired business will become part of Atlas Copco's Power and Flow division in the Power Technique business area and legally will be part of the Atlas Copco German holding company, Atlas Copco Holding GmbH.
The company recently invested in electric cars-related technology to meet a challenge that is hurting many traditional parts suppliers.
Shares in Atlas Copco lost a fifth of their value in 2018 and Barclays downgraded the company last month, saying its concern on this year's earnings was increasingly shifting to the industrial technique unit, which accounts for the bulk of Atlas Copco's automotive exposure.