20th September 2006
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Bateman Litwin acquires controlling stake in Pan Emirates Engineering Limited
Amsterdam, The Netherlands, 20th September, 2006.
Bateman Litwin (“BNLN”) today announces the acquisition of 85 per cent of Pan Emirates Engineering Limited (“PEL”), a company registered in Abu Dhabi, United Arab Emirates (“UAE”), which provides engineering and manpower services to the oil & gas and related process industries.
PEL, founded in 1991 by Mr. Sayed Khedr has developed a strong client base in the oil & gas industry of the Gulf region. Regular customers of PEL’s services include ADNOC, ADCO and GASCO. PEL has grown steadily over time to become a multi-discipline, full service engineering company with more than 200 employees. It is ISO 9001 accredited by TÜV.
In the year ended 30 March 2006, PEL earned revenues of US$7 million with a net margin of 8%. Bateman Litwin is to pay US$3 million for its 85 per cent stake in PEL, with an option to acquire the remaining 15 per cent within a period of 3 years.
Max Abitbol, CEO of Bateman Litwin Europe, Middle East and Africa, commented:
“Pan Emirates Engineering Limited is a well-managed company with an excellent reputation in the UAE. We are confident that our clients, and potential clients elsewhere in the Gulf, will welcome this acquisition, as it enhances our ability to execute their projects, particularly mid-size turnkey contracts. This acquisition markedly strengthens the Group’s position in the Middle East.”
Shuki Raz, Chief Executive, Bateman Litwin, commented:
“I am delighted to announce our first acquisition as a public company. We indicated at our IPO that we saw a range of opportunities in our core and target markets which would allow us to develop Bateman Litwin through acquisitions as well as through strong organic growth.”
Notes to Editors:
About Bateman Litwin N.V.
Bateman Litwin focuses on mid-sized Energy EPC contracts, principally executed on a lump-sum turnkey (LSTK) basis. Bateman Litwin also provides technology solutions to the Phosphate Sector and Solvent Extraction Applications.
Visit Bateman Litwin at: http://www.bateman-litwin.com
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