- Engineering company Monadelphous Group will purchase a Chilean business
- The business achieved an annual turnover in excess of approximately $40 million in the last financial year
- The company has acquired 75 per cent for approximately $9.5 million and will have the option to purchase the remaining 25 per cent in three years’ time
- Monadelphous is up slightly on the market today and is selling shares for $15.68 apiece at 2:24 pm
Engineering company Monadelphous Group will purchase a Chilean business.
The company will buy a construction and maintenance services contractor, Buildtek SpA, and plant and equipment hire company, Maqrent SpA.
Buildtek provides construction and maintenance services to the mining sector in Chile. It has facilities in Antofagasta, Rancagua and Calama, and a head office in Santiago.
Maqrent provides a range of plant, machinery and equipment for hire in Buildtek and external customers in the mining and construction sector. Its customers include BHP, Codelco, Albemarle, Anglo American and GNL Quintero.
The business achieved an annual turnover in excess of approximately $40 million in the last financial year.
Monadelphous has acquired 75 per cent of the companies for approximately $9.5 million and will have the option to purchase the remaining 25 per cent in three years’ time.
The companies were founded by Victor Valech in 2007, he will continue to manage and run the operations in Chile, with support from Monadelphous.
Monadelphous Managing Director, Rob Velletri, said the acquisition formed is part of the company’s strategy, through the expansion of its existing services into new geographical regions.
“The acquisition enables our entry into the growing Chilean resources market through an established and well-recognised operator. We will support Buildtek and Maqrent as they continue to grow and expand in the South American market,” Rob said.
“Today’s announcement is the result of significant efforts over a number of years to understand the South American market, and we are looking forward to the opportunities ahead,” he added.
Monadelphous is up slightly on the market today and is selling shares for $15.68 apiece at 2:24 pm AEDT.