By Joe Hoppe

Atlas Copco said President and Chief Executive Officer Mats Rahmstrom will step down and leave the company at the end of April.

The Swedish industrial-tool maker said it will start the recruitment process for a successor, with Rahmstrom remaining fully committed to the role until April 30.

"The company is well positioned to continue to create value for shareholders as well as customers, and I have very much appreciated working with [Rahmstrom]," said Chairman Hans Straberg.

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(END) Dow Jones Newswires

11-24-23 0305ET