Oerlikon today announced that it has signed an agreement to sell its Leybold Vacuum business to Atlas Copco. The transaction is based on a valuation of CHF 525 million and is expected to close by middle of the year 2016.
Oerlikon is focussing on streamlining its portfolio, and the divestment of its Vacuum Segment to Atlas Copco marks the thirteenth strategic transaction for the Group since 2010. It will allow the Group to further allocate resources and management attention to its strategic growth areas. Oerlikon CEO Dr Brice Koch said: “This is another important milestone in our strategic effort toward focusing our businesses on attractive core growth markets in the fields of energy, mobility and urbanisation. We intend to use the proceeds to invest in sustainable profitable growth within our core competencies.”
Atlas Copco has a strong position and expertise in the vacuum and compressor sector. The Oerlikon Leybold Vacuum business is valued at CHF 525 million. In 2014, the Segment generated sales of CHF 390 million and as of 30 June 2015, has 1646 employees worldwide. The transaction provides Oerlikon with a stronger position to invest in its leading businesses funding innovation, operational excellence as well as organic and inorganic growth opportunities.
The transaction is expected to close by middle of the year 2016, subject to regulatory merger approvals in a number of countries and the standard closing conditions.