September 8, 2004 -- Milwaukee, Wisc., U.S.A. -- Jobwerx News -- Techtronic Industries to acquire Atlas Copco AB’s electric power tool and accessories business.

TTI North America is the world's fastest growing power tool manufacturer. Although you may not have heard about TTI, you're probably familiar with some of the brand name products. TTI's global brand portfolio includes Ryobi® power tools, Homelite® and Ryobi® outdoor power equipment, Royal®, Dirt Devil®, Regina® and VAX® floor care appliances.

Techtronic Industries Co. Ltd. is one of the constituent stocks on the Hang Seng HK MidCap Index under the Hang Seng Composite Index, the MSCI Hong Kong Index, the FTSE All-World Hong Kong Index and the FTSE/Hang Seng Asian Cyclical Index. The TTI North America Group and its 1,800 employees has continued to deliver record results in the first half of 2004.The TTI North America Group and its 1,800 employees has continued to deliver record results in the first half of 2004.

The acquisition by TTI Group constitutes a stock purchase agreement to acquire Atlas Copco, Winnenden near Stuttgart/Germany, AB’s electric power tool and accessories business, currently conducted through Milwaukee Electric Tool Corporation and Atlas Copco Electric Tools GmbH and certain other entities under the brand names Milwaukee® and AEG®. The net cash consideration for the purchase is US $626.6 million on a debt-free basis, consisting of a total pre-adjustment purchase price of US$712.8 million less agreed pre-closing adjustment of US$86.2 million.

Click here to view more current news articles