Atlas Copco AB (OM:ATCO A) agreed to spin-off mining and construction tools business.
As of May 2, 2017, Atlas Copco decided that the spun-off entity will be named Epiroc AB provided shareholder approval is received. As on August 28, 2017, Atlas Copco announced the management team of Epiroc. The five members of Epiroc's management team will be Per Lindberg, President and Chief Executive Officer, Helena Hedblom, Senior Executive Vice President Mining and Infrastructure, Anders Linden, Senior Vice President Controlling and Finance, Mattias Olsson, Senior Vice President Corporate Communications and Jorgen Ekelow, Senior Vice President General Counsel.
As of December 2, 2017, Epiroc AB, has begun operating as an independent business. In the United States, Epiroc organization started operating under the Epiroc name as of December 1, 2017. Epiroc AB will be listed on the stock exchange in 2018. The split remains subject to approval by shareholders of Atlas Copco in April 2018. The Annual General Meeting of Atlas Copco AB held on April 24, 2018 approved the distribution of shares in Epiroc AB to Atlas Copco shareholders. Nasdaq Stockholm's Listing Committee has resolved to admit Epiroc's shares of series A and shares of series B to trading on Nasdaq Stockholm subject to customary conditions, such as the Swedish Financial Supervisory Authority's approval of the prospectus. The first day of trading in Epiroc AB is expected to be June 18, 2018. SEB acted as financial advisor to Atlas Copco. Shearman & Sterling acted as legal advisor to Atlas Copco.