EnerMech acquires Cape Town-based Control Valve Technology
Resource from: Cape Business News Likes:164
Aug 06,2014
Ambitious mechanical engineering group EnerMech has continued its expansion in to the African oil and gas sector with the acquisition of Cape Town-based Control Valve Technology (CVT.)
CVT provide servicing, refurbishment and sales of control and safety valves and actuators, used in the energy, mining and petrochemical industries and has successfully executed projects in South Africa, Angola, Nigeria, Ghana and the Middle East. The CVT acquisition is part of EnerMech’s R350m (£20m) investment programme in establishing a strong infrastructure in Africa and follows the acquisition of cranes and load testing business Water Weights International SA. EnerMech has also established a presence in Nigeria, Ghana and Angola, set up a trading entity in Mozambique, and recently opened new regional headquarters and workshop facilities close to Cape Town’s main container terminal in Paarden Eiland.
UK-headquartered EnerMech provides seven business lines used in the global oil and gas industries including cranes and lifting, hydraulics, process, pipeline and umbilicals, valves, industrial services, equipment rental and training services. The company expect 2014 turnover to be around R4.9bn (£280m) and employs more than 2,000 people in over 30 locations spread across Africa, Asia, Australia, Western Europe, USA, the Caspian and Middle East regions. CVT’s staff and owner StephenDavid will transfer to EnerMech and he will lead EnerMech’s valves operations in Africa, alongside newly appointed Regional Director Jean François Roche, who is a former managing director of Société Générale de Surveillance in Algeria. EnerMech Chief Executive Officer, Doug Duguid, said CVT’s strong client relationships would provide EnerMech with quick and efficient market entry in Africa for its valves division.
He said, “CVT is a profitable business with a highly skilled workforce and strong customer relationships and ideally positioned to help us grow our business, both in South Africa and across sub-Saharan Africa. CVT will be a key building block as we significantly expand our valves business and other business lines in Africa over the next few years.
“The company has existing ties with Saldanha Steel (subsidiary of ArcelorMittal Steel South Africa,) Lesedi Nuclear Services and PetroSA and we will seek to reinforce those relationships, while securing work with other international players who are already aware of our valves expertise in other regions.”
Most of the CVT’s work is with the petrochemical industry, but they have also completed significant contracts in mining, iron and steel, power and oil and gas industries. The new partnership will allow the introduction of other service lines to CVT’s existing client base. CVT Managing Director Stephen David said, “Our 20 year track record in the African valve market, combined with EnerMech’s international experience with major operators opens up new opportunities, not just in our own back yard in South Africa, but in many other African states where large-scale oil and gas developments are in the pipeline.”
Roche added, “CVT has a solid reputation across the region and will make an immediate impact on our African operations. The investment we are making in a number of African countries demonstrates how important the region is to EnerMech for future growth. Our philosophy of establishing a strong local presence and infrastructure, using wherever possible the skills of a local workforce and investing in training and the latest equipment, will bring long-term dividends both for us and our clients.”
(Cape Business News)
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