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Company Babcock International Group PLC
TIDM BAB
Headline

Acquisition of LGE Process

Released 08:36 02-Jan-2013
Number 5586U08

RNS Number : 5586U
Babcock International Group PLC
02 January 2013
 



 

2 January 2013

 

 

Babcock International Group PLC

Acquisition of LGE Process

 

Babcock International Group PLC (Babcock, the Group), the UK's leading engineering support services company, announces that it has acquired LGE Process (LGE) from The Weir Group PLC for an enterprise value of £23 million. 

 

LGE, based in Edinburgh, designs and builds plants for the processing, storage and handling of liquid gases and is a market leader in the supply of these solutions to the marine and onshore liquid gas sectors.

 

LGE will be combined with Babcock's Design Services (DS) business unit, within the Marine and Technology division.  DS operates in both the naval and commercial marine markets, including the oil and gas market, and has built an excellent reputation with its key customers for developing innovative and cost effective design and conversion solutions for a range of marine vessels.  The combined businesses will create a medium-sized, specialist energy and marine technology business delivering a wider offering including the design and installation of mechanical, electrical and chemical process equipment for ships, oil and gas platforms and onshore support facilities. 

 

In the financial year ended 30 December 2011 LGE generated gross revenue of £26.3 million and operating profits of £3.0 million. The acquisition was completed on 28 December 2012.  

 

Peter Rogers, Chief Executive of Babcock, commented:

 

"The acquisition of LGE and its combination with our existing expertise in Design Services will create a strong business, well positioned to build on its current positions and develop into new commercial marine markets, particularly within the oil and gas market."

 

 

Enquiries

Babcock International Group PLC                                                 020 7355 5300

Bill Tame - Finance Director

Terri Wright - Head of Investor Relations

 

FTI Consulting                                                                                  020 7269 7291

Andrew Lorenz

Nick Hasell

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Acquisition of LGE Process - RNS