Altrad are delighted to announce it reached financial close on its agreement to acquire Doosan Babcock Limited on Sunday 25th September 2022.
Concluding this transaction marks another exciting milestone in Altrad’s development, whereby it invests in businesses that share its excitement, vision and values – and a desire to add enhanced value to its clients.
Ran Oren, Altrad Group Co-CEO, said:
“We have admired the Doosan Babcock business from a distance for many years and I am pleased we have been able to finalise this latest acquisition, which will add a wide range of value-adding engineering skills to the Altrad Group. We are committed to investing in the business to support its continued growth, so together, we can play our part in supporting the transition towards a more sustainable future.”
To reflect the new ownership structure, the business will now be renamed Altrad Babcock Limited, thereby preserving the rich heritage of the Babcock brand, which is synonymous with delivering engineering excellence for its clients, across a broad international footprint.
Altrad’s CEO for the UK, Ireland & Nordics, Padraig Somers added:
“We are delighted to welcome Doosan Babcock into the Altrad family. The acquisition represents an exciting opportunity to extend our portfolio of services and enter new markets, whilst enhancing the outcomes we deliver for our clients.”
Pleasingly, this arrangement will encompass approximately 4,000 talented people joining Altrad, wherein they will be valued and encouraged to develop fulfilling careers, to become the best they can be.
About Doosan Babcock
Doosan Babcock is a specialist in the delivery of engineering, aftermarket and upgrade services to the nuclear, thermal, oil and gas, petrochemical and process sectors. With a focus on the delivery of low-carbon technologies and an industry-leading project management capability, the company builds, maintains and extends the life of its client’s assets worldwide.
Altrad is an international group headquartered in France, majority owned by Mr. Mohed Altrad – Altrad is located in more than 50 countries, it employs over 52,000 talented people and in 2021 had annual revenues of approximately €2.7 billion.
Scott Brassington | Tel: +44 (0) 1709 886070 | Email: [email protected]