This new company, dedicated to mining and civil engineering, will include 12,000 employees. The rationale behind this move is to ensure that both Atlas Copco and the new company are provided the best growth opportunities in their respective market segments.

The new company will have a dedicated board and CEO; this will result in a more agile company governance and faster response to market requirements, Atlas Copco explained. Operationally there will not be any changes to the existing structure, as there already is a solid organisation in place. This structure will further enable investments in growth areas like automation, digitalisation and service excellence.

Helena Hedblom, business area president for mining and rock excavation technique, said: "This is a fantastic opportunity. With the new company solely dedicated to mining and civil engineering, we can serve our customers even better than today.

"From an organisational point of view there will be no changes. We have strong customer centres, professional people, excellent products and superior services. Our customer support will be reinforced as we can run operations more focused from present premises."

The new company will be listed on the Nasdaq Stockholm stock exchange from mid-2018 following approval at the Atlas Copco Annual General Meeting in April 2018.