Buhler Versatile to acquire all assets of Atlas Group
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Winnipeg-headquartered Buhler Versatile Inc. has announced an agreement to acquire German construction machinery manufacturer Atlas Group.
The deal covers all Atlas Group assets, including Atlas GmbH, Atlas Spare Parts GmbH, Atlas Group Services GmbH, Atlas Kompakt GmbH, and the shares held in the British company Atlas Cranes UK Ltd.
Terms were not made public. Atlas had entered restructuring proceedings under self-administration in February.
The acquisition will combine Buhler Versatile’s manufacturing expertise and international dealer network with Atlas’s longstanding reputation in construction machinery, material handling equipment and crane technology, the company said in a news release Friday.
“Atlas is a highly respected brand with more than a century of engineering excellence and a strong reputation among customers across Europe and beyond,” Zafer Ozbalaban, president of Buhler Versatile, said in the release. “This agreement represents an important milestone in our long-term growth strategy. We are excited about the opportunities this brings and we look forward to building on Atlas’s strong foundation while supporting its continued success as part of the Buhler Versatile and ASKO family.”
Buhler Versatile — which designs and manufactures a range of agricultural equipment — is a subsidiary of ASKO Group, with boasts more than 2,500 employees and operations across Turkey, Canada and the United States.
Completion of the transaction remains subject to customary closing conditions, including approval by the relevant German authorities.
— Free Press staff