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Media / Local company news / Atlas Copco signs joint venture agreement with Hongwuhuan Group

Atlas Copco signs joint venture agreement with Hongwuhuan Group

2016-07-28

Atlas Copco (China) Investment Co., Ltd. signed a surface drilling rig joint venture agreement with Hongwuhuan Group in Quzhou, Zhejiang Province, China.The joint venture will specialize in manufacturing and sales of surface mining equipment for Chinese customers.

As a leading global provider of sustainable productivity solutions, Atlas Copco has innovative proprietary technology for manufacturing compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools, assembly systems, etc., and has a global sales network. Group unit Mining and Rock Excavation Technique Business Area has developed advanced drilling and rock excavation technologies, innovates for sustainable productivity in surface and underground mining, infrastructure, civil works, well drilling and geotechnicalapplications. Founded in 1997, Hongwuhuan Group is a leading producer of aerodynamic and drilling equipment in China, with robust manufacturing platforms. It currently offers more than 400 products in eight series, and has a yearly production capacity of 200,000 units of generic, construction, drilling, power and mining equipment.
 
This joint venture agreement between Atlas Copco and Hongwuhuan marks an important milestone in the cooperation between the two companies. With the technologies developed by Atlas Copco and Hongwuhuan, the joint venture will dedicate to the development and production of cost-effective, high-performance surface drilling rigs, meeting the upgrade needs of Chinese customers as mining generally becomes more mechanized. The proposed joint venture is subject to regulatory approvals. 
 
“Atlas Copco offers highly competitive products and an excellent corporate culture, as well as management expertise built up over more than 100 years. Hongwuhuan possesses extensive practical experience in China and strong equipment manufacturing platforms. Cooperation will prove mutually beneficial, and will also give us complementary advantages. We believe that the joint venture will create a world-class company,” said Mr. Su Yongqiang, Chairman of Hongwuhuan Group, at the signing ceremony.
 
“We believe that the fusion of roles under this powerful alliance of Atlas Copco and Hongwuhuan will reshape the mining and construction equipment market in China,” said Thomas Kung, Chairman of Atlas Copco (China) Investment, at the agreement signing ceremony. Expressing confidence about the cooperation, he added, “I sincerely hope that our joint venture will go from strength to strength.”

Atlas Copco China - JV with Hongwuhuan China (MR)

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Atlas Copco is a world-leading provider of sustainable productivity solutions. The Group serves customers with innovative compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems. Atlas Copco develops products and services focused on productivity, energy efficiency, safety and ergonomics. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 180 countries. In 2015, Atlas Copco had revenues of BSEK 102 (BEUR 11) and more than 43 000 employees. Learn more at www.atlascopcogroup.com.
 
Atlas Copco’s Mining and Rock Excavation Technique business area provides equipment for drilling and rock excavation, a complete range of related consumables and service through a global network. The business area innovates for sustainable productivity in surface and underground mining, infrastructure, civil works, well drilling and geotechnical applications. Principal product development and manufacturing units are located in Sweden, the United States, Canada, China and India.