January 17, 2018
"A huge amount of work has been carried out in 2017 to prepare for the split, including creating new legal entities around the world, recruiting to new functions and launching the Epiroc brand," said Hans Ola Meyer, CFO, who is project leader for the split together with Håkan Osvald, SVP General Counsel. "Thanks to the professional work by many, we are on target to complete the split by mid-2018, provided shareholder approval," Håkan Osvald added.
Below is a status update on the split, and links to find more information.
The first half of the project to split the Group is now almost concluded. This includes the creation of the legal group forming the Epiroc Group, which is necessary to achieve the split. Atlas Copco AB now owns 100% of Epiroc AB, which owns 100% of Epiroc Rock Drills AB, which in turn owns 100% of all Epiroc subsidiaries that will form the Epiroc Group.
The second half of the project has now started. This involves preparing Epiroc to get approved by Nasdaq Stockholm as a company listed on that stock exchange and with its shares traded there. To be accepted as a listed company includes having a professional Board of Directors, an experienced Group Management, and other Group functions in place.
Epiroc's Board and Group Management are in place, and other requirements are now in the process of coming into place. The President and CEO of Epiroc Per Lindberg will be a member of Atlas Copco's Group Management and report directly to Mats Rahmström until the listing. Atlas Copco's Board is responsible for both companies until Epiroc is listed.
At the Annual General Meeting on April 24, 2018, shareholders will vote on the Atlas Copco Board's proposal to dividend out Epiroc. Provided they approve, already the first quarter 2018 financial report, published on April 25, will show Epiroc as a so-called discontinued operation, effective as from January 1, 2018. Consequently, the numbers in the Q1 2018 report will reflect only the continuing operations of Atlas Copco, while Epiroc will be shown as discontinued operations.
All Atlas Copco documents, presentations and communications online and offline will be updated, and all references to the Mining and Rock Excavation Technique business area will be removed from April 25, assuming approval at the Annual General Meeting.
For all information on the split that has been shared externally, please visit the corporate website:
For further information, please see the Epiroc Program site on the Hub:
To view a video featuring Hans Ola Meyer's update on the split from the Capital Markets Day in November 2017, please see: https://youtu.be/NCuiNj-oyVc.
-Ola Kinnander, Media Relations Manager
+46 8 743 8060 or +46 70 347 2455
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 2016, Atlas Copco had revenues of BSEK 101 (BEUR 11) and about 45 000 employees.