Atlas Copco Completes Acquisition of Chinese Self-Pierce Riveting Solutions Business
Atlas Copco, a leading provider of sustainable productivity solutions, has completed the acquisition of the self-pierce riveting business of Phillip-Tech (Beijing).
Based in Beijing, with a sales and engineering site in Shanghai, Phillip-Tech has 45 employees. The company sells self-pierce riveting products and solutions designed and produced by Atlas Copco-owned Henrob, a market leader for this innovative joining technology that the Group acquired in 2014. Phillip-Tech’s customers include several major automotive manufacturers.
Atlas Copco announced on August 26, 2016, the agreement to acquire the business.
Self-pierce riveting is a mechanical fastening process for joining sheets of material where welding is difficult, such as aluminum. Car manufacturers’ use of this technology is increasing as they use new materials to make the vehicles lighter and more energy efficient.
The parties have agreed not to disclose the purchase price. The acquired business becomes part of the Industrial Assembly Solutions division in the Industrial Technique business area.