Dietsmann has acquired 97.5% of the shares of Energoremont Holding in Bulgaria [BUL: 6EG]. The remaining 2.5% of the shares are held by minority shareholders through the Bulgarian Stock Exchange. Dietsmann made the decision to acquire a presence in the Balkan peninsula after extensive analysis identified the region's potential. With Energoremont, Dietsmann has acquired not only the largest maintenance company in Bulgaria, but also access to the nuclear and conventional power and mining sectors in Asia and Eastern Europe. Bulgaria's competition authority gave the green light to Dietsmann's acquisition of Energoremont Holding.
Gilles Reynaert, Dietsmann Group Managing Director: "We had been looking for an acquisition that would bring Dietsmann a presence in the promising and fast growing Balkan region. And indeed, Romania, Macedonia, Montenegro and Albania are all within easy reach of Bugaria. But we rapidly realized that Energoremont was also bringing us decisive references in Mining, Refineries and, last but not least, Nuclear. In an O&M market that functions through cross-referencing and client recommendation, Energoremont appeared as the ideal complement to and an active and constructive diversification from Dietsmann's traditional Oil & Gas O&M contracts. This is definitely a growth-boosting acquisition."
Peter Kütemann, Founder and President of Dietsmann: "Our investment in Energoremont Holding makes Dietsmann one of the largest Dutch investors in Bulgaria. We are excited and proud to have been given the opportunity to contribute towards the economic development of this promising European country. I would like to take this opportunity to thank the Bulgarian government, led by Prime Minister Boyko Borisov, for the encouragement and commitment, to providing a stable legal and economic environment in which investors like Dietsmann can operate and grow."
Rosen Hristov, Dietsmann's Asia and Eastern Europe Regional Director reiterated the potential for the expansion of Energoremont Holding's operations in Bulgaria and its neighboring countries. He said that Dietsmann will focus on the further development of Energoremont Holding's core activities - the repair, maintenance, modernization and reconstruction of facilities in power plants - and that Dietsmann's plans include the implementation of new systems for enterprise resource planning, management and procurement at Energoremont Holding. He added that Energoremont Holding will most likely be renamed Dietsmann Energoremont.
Long-time Energoremont CEO, Teodor Osikovski: "By becoming part of Dietsmann we have laid a new milestone in the long history of Energoremont. I have been asked, and have agreed, to stay with Energoremont and Dietsmann."
Since it was founded in 1977 Dietsmann has grown into one of the largest independent specialists in Operation & Maintenance services for continuous-production plants in the oil & gas, power and mining industries and is also the leader in Maintenance Engineering and Inspection. Today more than 6000 highly qualified and trained Dietsmann employees work every day to maintain and optimize assets in Europe, Africa, Asia and South America.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Dietsmann N.V. via Globenewswire