ALTO finds, through the integration with the Nilfisk-Advance group, a natural industrial home with common culture and beliefs, according to a statement. The transaction will be effective as of April 30, 2004, subject to approval by the competition authorities in a number of countries.
The new company will be globally represented through its own subsidiaries, with sales and services in 31 countries, and an extensive network of exclusive distributors in others.
Johan Molin of Nilfisk Advance is appointed president and CEO of the new organization. The future executive board will be established when the approval of the competition authorities has been obtained and the transaction finalized.