Argan, Inc. Acquires Atlantic Projects Company Limited
May 12 2015 - 8:30AM
Business Wire
Argan, Inc. (NYSE: AGX) announced today that it has entered into
a share purchase agreement to acquire Atlantic Projects Company
Limited (“APC”) in exchange for a combination of cash and common
stock of Argan, Inc. APC is a leading provider of construction
and technical services for power generation, oil & gas,
industrial and process industry customers worldwide. The
transaction is expected to close by May 31, 2015.
Formed in Dublin, Ireland, over forty years ago, APC provides
turbine, boiler and large rotating equipment installation,
commissioning and outage services to original equipment
manufacturers, EPC contractors and plant owners worldwide. The
company has successfully completed projects in more than thirty
countries on six continents. With APC offices in Hong Kong,
Singapore and New York, this acquisition will expand Argan’s
operations internationally.
APC will continue to operate under its own name and with its own
management team as part of the Argan group of companies.
Argan’s CEO, Rainer Bosselmann said, “We are very excited about
our investment in APC, whose industry expertise and geographic
reach provide immediate value to our operations. This addition will
allow us to expand in markets that offer tremendous
opportunities.”
“We are delighted to have found in Argan a partner who shares
our commitment to customer service, quality and innovation. By
combining the technical and operational strengths of APC with the
financial and management capabilities of Argan we will be able to
expand and enhance the range of services and benefits that we
provide to our clients,” said Philip Healy, Managing Director of
APC.
About Argan, Inc. Argan’s primary business is designing
and building energy plants through its Gemma Power Systems
subsidiary. These energy plants include traditional gas as well as
alternative energy including biodiesel, ethanol, and renewable
energy sources such as biomass, wind and solar. Argan also owns
Southern Maryland Cable, Inc. Certain matters discussed in this
press release may constitute forward-looking statements within the
meaning of the federal securities laws and are subject to risks and
uncertainties including, but not limited to: (1) the Company’s
ability to achieve its business strategy while effectively managing
costs and expenses; (2) the Company’s ability to successfully and
profitably integrate acquisitions; and (3) the continued strong
performance of the energy sector. Actual results and the timing of
certain events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of
factors detailed from time to time in Argan’s filings with the
Securities and Exchange Commission. In addition, reference is
hereby made to cautionary statements with respect to risk factors
set forth in the Company’s most recent reports on Form 10-K and
10-Q, and other SEC filings.
Argan, Inc.Company Contact:Rainer Bosselmann,
301-315-0027orInvestor Relations Contact:Cynthia Flanders,
301-315-0027
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