Atlas Copco to acquire self-pierce riveting business
1 min read
Three Atlas Copco companies have signed an agreement to acquire all entities of self-pierce riveting specialist Henrob, based in Flintshire and with facilities in the USA with a turnover equivalent to $160 million in the last financial year, just reported.
Atlas Copco UK Holding, Atlas Copco North America and Atlas Copco Asia are the three Atlas Copco signatories to the agreement which is subject to certain governmental approvals but is expected to complete in the third quarter of 2014.
Keith Jones, Henrob's founder, chief executive and majority shareholder, signed the agreement for Henrob. He will retire from the business but the existing management teams will stay in place and there are no plans for redundancies.
Henrob is a pioneer and market leader in self-pierce riveting, a mechanical fastening process for joining two or more sheets of materials like aluminium where welding is difficult.
The self-pierce riveting segment is expanding fast due to the growing use of lightweight materials in the automotive and other industries, a trend driven by increasingly stringent emission standards. Car makers are working hard to improve fuel economy and make weight reduction. Using aluminium is an effective measure in meeting these requirements.
"Henrob is a strategic fit in our portfolio of adjacent fastening technologies for the automotive industry," said Mats Rahmström, president of industrial technique business area. "It is a logical addition to our automotive body shop business. Now we can serve customers with three assembly technologies: tightening, adhesives and self-pierce riveting."
Atlas Copco is a global engineering group with Swedish origin that manufactures compressors, vacuum/air systems, construction and mining equipment, power tools and assembly systems.
Henrob is a supplier to some of the leading auto manufacturers in Europe and North America. Atlas Copco's global footprint will open up possibilities to serve customers in more markets. Henrob will become a business line within the MVI Tools and Assembly Systems division in the Industrial Technique business area. An Atlas Copco spokesman confirmed to FAST that the Henrob brand will be retained.
Visitors to the FAST Exhibition at the Williams Conference at Grove, Oxfordshire on September 10th will be able to see Henrob's capabilities on the company's stand at the show.
