01/10/2021 - 13:59

Valmec deal moves forward

01/10/2021 - 13:59

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Valmec shareholders have approved an acquisition by Altrad Australia in a $52 million deal announced in July.

Valmec is based in Kewdale. Photo: Attila Csaszar

Valmec shareholders have approved an acquisition by Altrad Australia (Altrad Services) in a $52 million deal announced in July.

While the deal remains subject to a court approval next week, an ASX announcement today said 98 per cent of shareholders voted to back the deal at a general meeting.

Valmec is based in Kewdale, with 300 staff nationally.

The business has provided engineering and construction services to the oil and gas, power and petrochemical industries, while Altrad Australia is part of an international industrial services group.

Altrad chief executive Neil Sadler said the two companies would work on implementing the scheme in coming weeks.

“The acquisition of Valmec will mark another transformational milestone for Altrad’s AsiaPacific business and deliver a value-accretive step change in the scale and diversity for our company,” Mr Sadler said.”

Altrad previously acquired Cape PLC in 2017, and Hertel Offshore in 2015.

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