Edwards sold to Atlas Copco for £1bn
Edwards, the West Sussex-based manufacturer of vacuum pumps, has become the latest British engineering company to be snapped up by a foreign rival.
It was announced today that the company has been bought by Swedish industrial giant Atlas Copco for approximately £1billion.
Edwards boss Jim Gentilcore said the deal was 'strategically and financially compelling'.
"The transaction delivers many benefits for Edwards' customers and employees," he added. "The two companies share very similar strategic goals, strong brands and market leading positions."
Atlas, which has a site in Hemel Hempstead, Hertfordshire, said it plans to create a new vacuum division within its air compressor arm, which will be based in Crawley.
Ronnie Leven, Atlas chief executive, said: "It's a great fit for Atlas Copco. Edwards is a technology leader with a well established structure and solid customer relationships in industries we know well."
