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French engineering company Altrad plans to take ownership of Valmec with ambitions to grow the ASX-listed contractor’s presence in the Asia-Pacific region following the acquisition.

The scheme implementation deed will see Valmec valued at around $52 million, as Altrad will buy the Valmec shares at $0.413 – 29.1 per cent higher than its last closing price.

As an Australian energy and infrastructure services group, Valmec managing director Steve Dropulich saw this deal as an affirmation of its growth and global recognition.

“The proposed transaction is a testament to the entire Valmec team and the work that has been undertaken to grow this company,” Dropulich said.

“To be recognised and attract the interest of a global leader such as Altrad is a clear recognition of the hard work, dedication and professionalism of our staff, and the strong support we have received from our shareholders throughout our journey.”

Dropulich will retain a 2 per cent holding in the business and will remain as the managing director.

Altrad supplies industrial maintenance services to a range of clients and sectors, including construction, power generation, process, environment, and oil and gas.

It employs around 36,000 people, including 1000 in Australia, and therefore saw the acquisition as a suitable match for both parties.

Altrad services chief executive officer Neil Sadler said the deal would open up new opportunities as the companies combined their goals and clients.

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

“Once the scheme is implemented, I look forward to working with my leadership team and the Valmec team to identify value-adding opportunities for our combined existing and prospective client bases.”

The scheme’s first court hearing will occur in the week commencing September 6, while the implementation date is slated for the week of October 25.