Atlas Copco forms joint venture with Chinese air tool manufacturer

Atlas Copco Investment signed a contract Feb. 23 to acquire the assets of air tool manufacturer Qingdao Qianshao Precision Machinery, based in China. The joint venture is subject to approval from local authorities. Qingdao Qianshao is a producer of pneumatic tools for the industrial, automotive and aerospace industries. Atlas Copco said the joint venture will complement the position of the Chicago Pneumatic brand, a part of the Atlas Copco Group, in the industrial and automotive aftermarket businesses. CP Qianshao Power Tools will be 80-percent owned by Atlas Copco, with QQPMC owning the remaining 20 percent.