- November 03, 2010
BEDFORD, UK | Bobst Group, Lausanne, Switzerland, has sold Atlas Converting Equipment Ltd. in a Management Buy-Out (MBO) transaction. The new directors and shareholders of Atlas Converting Equipment Ltd. are Stephen Darlington (chairman), Alan Johnson (managing director), Stan Braycotton (sales director), and Tom Walker (finance director). The existing Atlas management team will continue to manage and co-ordinate the company’s global operations.
The acquisition includes the dedicated Atlas sales and customer service operations in both Charlotte, NC, and in Shanghai, China. Both parties agreed not to disclose any information concerning the conditions of the transaction.
Atlas Converting Equipment, with brands ATLAS and TITAN, supplies slitting and rewinding equipment to the film and flexible materials markets with a reported installed base exceeding of 3,500 machines in over 80 countries.
The new Atlas management issued a statement, commenting: “Atlas and Titan have been at the forefront of the market for over 30 years and it is our intention to continue the investment in technology and service for our customers now and in the future. With the support of our loyal workforce, we expect to build further on our success and strengthen our global market position.”
Bobst Group indicates it will work closely with Atlas in order to have a smooth transition in ownership. Due to the MBO only being completed within 48 hours of the start of the K Show in Germany, the two companies shared exhibition space at the event with the new Atlas and Titan branding and corporate identity being presented to the market for the first time.