Industry giant Atlas Copco predicted steady near-term demand as it reported in late October healthy profits for the third quarter.
“Demand for industrial equipment was healthy, and the service business continued to develop well,” said Ronnie Leten, president and CEO of the Atlas Copco Group. “Mining equipment demand remained weak.”
The supplier reported a 6 percent drop in orders and that revenues were down 4 percent over the same quarter last year. Operating profit came in at $637 million (USD) for a margin just over 20 percent.
During the third quarter, the company named Johan Halling president of its Mining and Rock Excavation Technique business area.
“Johan is a proven, solid leader of large global businesses and he delivers good results over full business cycles,” Leten said. “He has an in-depth knowledge about the mining business as well as a valuable experience from the consumables and service business.”
Atlas Copco made several acquisitions during the quarter, including Pneumatic Holdings, a U.S.-based light construction tools maker. It was also again named to Forbes magazine’s list of the 100 most innovative companies.
“We are strongly focused on boosting customer productivity by being on the forefront of product innovation and service ,” Leten said. “It’s more important than ever.”
Atlas Copco, based in Stockholm, Sweden, serves segments ranging from compressors and air treatment systems to construction, mining and drilling equipment. The company, founded in 1873, has more than 39,800 employees worldwide, and operates in more than 170 countries. Atlas Copco in North America operates in more than 109 locations and employs more than 4,500 people in the United States. For more information, visit www.atlascopco.us.