Babcock buys LGE Process from Weir
Babcock International Group, the FTSE 100 engineering support services company, has acquired LGE Process, which designs and builds plants for the processing, storage and handling of liquid gases, from index peer Weir Group.
Babcock International Group, the FTSE 100 engineering support services company, has acquired LGE Process, which designs and builds plants for the processing, storage and handling of liquid gases, from index peer Weir Group.
LGE, which has been acquired for £23m, will be integrated into Babcock's Design Services (DS) business unit, within the Marine and Technology division, creating 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.
Peter Rogers, Chief Executive of Babcock, said: "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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the year ended December 30th 2011, LGE delivered gross revenue of £26.3m and operating profits of £3.0m.
Weir also reported the completion of its previously announced acquisition of Mathena, Inc.
Babcocks's share price rose 1.24% to 977.50p, while shares in Weir climbed 2.18% to 1,920p. by 09:00.
NR
-
Adidas, Nike or Jordans - could collectable trainers make you rich?
The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
By Chris Carter Published
-
Early bird ISA investors flock to global funds, India and the US
There’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
By Vaishali Varu Published