HONG KONG (AFX) - Shareholders of Techtronic Industries have unanimously approved the proposed 712.8 mln usd acquisition of the electric tool business of Atlas Copco AB of Sweden, said Techtronic Industries' Chairman and Chief Executive Officer Horst Pudwill.
He said the group expects to reap the benefits of the acquisition starting this year.
Atlas Copco announced the sale of its electric tool business to Hong Kong-based Techtronic Industries in August.
Yammie Tang, Techtronic Industries' Associate Director for Investor Relations and Communications said the group will pay Atlas Copco 626.6 mln usd in cash and will also assume Atlas Copco's 86.2 mln usd in debts as part of the deal.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/swp
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
He said the group expects to reap the benefits of the acquisition starting this year.
Atlas Copco announced the sale of its electric tool business to Hong Kong-based Techtronic Industries in August.
Yammie Tang, Techtronic Industries' Associate Director for Investor Relations and Communications said the group will pay Atlas Copco 626.6 mln usd in cash and will also assume Atlas Copco's 86.2 mln usd in debts as part of the deal.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/swp
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
