Oerlikon, a global technology group, signed an agreement to sell its Leybold Vacuum business to Atlas Copco for approximately $514 million. The transaction is expected to close by mid-2016. The sale will allow Switzerland-based Oerlikon to focus on streamlining its portfolio and further allocate resources and management attention to its strategic growth areas. The divestment of its Vacuum Segment, which provides vacuum pumps and components, to Atlas Copco marks the 13th strategic transaction for the Group since 2010. Atlas Copco, which is based in Sweden, has a strong position and wide expertise in the vacuum and compressor sector.