Global technology group Oerlikon has sold its Leybold Vacuum business to Atlas Copco as part of a streamlining strategy designed to develop the company’s ‘best-in-class’ businesses.

Oerlikon’s latest divestment is the 13th strategic decision of its kind since it started to streamline its portfolio back in 2010.

Dr. Brice Koch, Oerlikon’s CEO described the latest sale as another important milestone in the company’s strategic effort towards focusing on core growth markets in the fields of energy, mobility and urbanisation.

“We intend to use the proceeds to invest in sustainable profitable growth within our core competences,” Koch said.

Atlas Copco’s wide expertise and strong market position in the vacuum and compressor sector makes the company an ideal fit for Leybold Vacuum.

“The transaction provides Oerlikon with a stronger position to invest in its leading businesses funding innovation, operational excellence as well as organic and inorganic growth opportunities,” the company claims.

A sign-off on the deal is expected by the middle of 2016, subject to regulatory merger approvals in a number of countries and the standard closing conditions.