LOCALLY-BASED national engineering group Monadelphous will acquire Queensland specialist instrumentation and electrical services company Murray Instrumentation and Electrical (MIE).
MIE supplies instrumentation and electrical services in Australia, South-East Asia, New Zealand.
The acquisition involves Monadelphous making a payment to MIE of $1.9 million and issuing 180,000 ordinary shares to MIE’s privately owned parent company.
MIE started as a family run business in 1975 and has grown to employ more than 120 people, achieving a turnover in excess of $15 million in the 12 months to December 31 2004.
The acquisition comes as Monadelphous achieved a net profit of $8 million in the six months to December 31, doubling the amount of the previous corresponding period.
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