KMT acquires Ingersoll-Rand Waterjet and 49 per cent of ABB I-R

Citation

(2004), "KMT acquires Ingersoll-Rand Waterjet and 49 per cent of ABB I-R", Industrial Robot, Vol. 31 No. 2. https://doi.org/10.1108/ir.2004.04931bab.002

KMT acquires Ingersoll-Rand Waterjet and 49 per cent of ABB I-R

KMT acquires Ingersoll-Rand Waterjet and 49 per cent of ABB I-R

Keywords: Robots, Waterjet

Karolin Machine Tool AB (KMT), based at Stockholm in Sweden, has signed an agreement with Ingersoll-Rand Company regarding the acquisition of the assets of Ingersoll-Rand's 49 per cent holding in ABB I-R Waterjet Systems AB, a joint venture of ABB and Ingersoll-Rand. ABB I-R is the world's leading manufacturer and designer of robotized waterjet systems.

Simultaneously, KMT has reached an agreement with Ingersoll-Rand for the acquisition of Ingersoll-Rand's Waterjet business, headquartered in Baxter Springs, Kansas, USA, a leading manufacturer of waterjet cutting technology products.

KMT will pay USD 46.5 million to Ingersoll- Rand for its assets. Both transactions are conditional on factors including regulatory approval.

KMT develops, manufactures and markets sheet metalworking machines, precision grinding and polishing machines, pipe forming machines and related tools. Trademarks include LMT (Lidköping), UVA, Pullmax and Ursviken. The company has operations in Sweden, Denmark, England, France, Austria, Germany and the USA.

The new acquisitions create a unique opportunity for KMT to integrate a leading waterjet cutting technology operation into KMT, forming a new and distinct product area, KMT Waterjet, with the present management retaining leadership.

Growth through acquisitions in existing product areas, or in new, closely-defined market segments, is part of KMT's growth strategy. Additionally, KMT is pursuing an increasing market share within aftersales, and status as a product leader in selected segments of production machinery and systems solutions for customers with the most demanding precision and performance standards.

Lars Bergström, KMT's CEO and President, commented: “The acquisition of IR Waterjet and our new shareholding in ABB I-R are consistent with KMT's strategic orientation, providing new growth opportunities, while also extending KMT's customer base, enhancing our income stability and consolidating our presence in key geographical markets.”

For more information, please contact: Paul Etchells, ABB I-R Waterjet Systems AB, Eaton Place, 114 Washway Road, Sale, Cheshire M33 7RF, England. Tel: 0161-374 0734; Fax: 0161-374 0738.