Atlas Copco, Stockholm, Sweden, reported sales for the first quarter 2010 were SEK 15.3 billion (US$1.95 billion), a 3 percent organic decline compared to first quarter 2009. Profit for the period increased 34.6 percent to SEK 1.9 billion (US$242 million).
Orders received increased 22 percent organically to SEK 17.3 billion.
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\”The upturn was most pronounced for mining equipment, but demand for industrial and construction equipment also improved and we recorded double-digit order growth in all business areas,\” says Ronnie Leten, president and CEO. \”The general demand development was encouraging in North America and especially good in markets such as India, China, and Brazil, while Europe remains weak.\”
Two acquisitions were finalized during the quarter; a compressor distributor in Louisiana and Quincy Compressor.
