Graña y Montero Group to Purchase a 70% Stake in Morelco S.A. in Colombia
November 27 2014 - 10:31PM
Business Wire
Graña y Montero S.A.A. (NYSE: GRAM) (BVL: GRAMONC1) (“the
Company” or “Graña y Montero”) a leading Engineering and
Infrastructure company in Peru, presented today a binding offer for
a majority stake of Morelco S.A., a recognized Colombian company
specialized in electromechanical assemblies, civil works, and
services for the oil and gas industry as well as energy industry.
This transaction will generate significant synergies to the Graña y
Montero Group, allowing it to enhance its participation in the
development of large projects in Colombia and Latin America.
The binding offer presented by GyM S.A., involves the
acquisition of a 70% stake in the Colombian firm. Therefore, the
founders and executives of Morelco S.A. will retain 30% of the
ownership, and the current shareholder and CEO Mr. Arturo Serna
Henao will continue in charge of the management of the company.
Mr. Arturo Serna said that the partnership with Graña y Montero
will allow them to meet clients’ demands with expanded
capabilities, as well as the challenge that large oil and gas
projects represent in Colombia. “In Graña y Montero we have found a
first level partner, with whom we share values, concern for people,
and focus in clients, and with whom we hope to address the
development of the oil and gas industry in Colombia," he
detailed.
Meanwhile, Mr. Juan Manuel Lambarri Hierro, Engineering and
Construction CEO of the Graña y Montero Group, highlighted that the
partnership with Morelco S.A. will add to the Group the great
experience Morelco has in oil and gas projects. “The human
capabilities of both companies will generate an option of highly
specialized services with regional scope," said the executive.
He added that this operation establishes a further step in the
internationalization strategy of the Peruvian construction group.
“Graña y Montero’s investment in Colombia confirms our goal of
developing on an international scale and strengthening key sectors
such as oil & gas,” said Juan Manuel Lambarri.
It’s worth mentioning that in January 2011, the Graña y Montero
Group acquired from Enersis, Compañía Americana de Multiservicios
Limitada (CAM), which is a services company in the power sector,
based in Chile and with operations in Brasil, Colombia and Perú.
Also, in October 2012, it acquired Vial y Vives S.A. which is a
recognized Chilean company specialist in the mining sector in
Chile, and in August 2013, it acquired DSD Construcciones y Montaje
S.A., which is a Chilean company with an important local and
international experience in energy, oil and gas, pulp and mining;
afterwards, these companied merged. This strategy has turned the
Peruvian group into a major regional player in the sector of
Engineering and Construction.
About Morelco’s trajectory
With 36 years of experience, Morelco S.A. is a company dedicated
to the construction, installation, operation and maintenance of
civil works and electromechanical assembly with presence in
Colombia and Ecuador.
Morelco S.A. is one of the most important companies providing
services of construction and electromechanical assemblies in
Colombia, specializing in Oil & Gas, energy and water
sanitation sector. With more than 36 years of history, it has a
backlog of $ 500 million and currently participates in the projects
of maintenance of pipelines in the west of Colombia, Acacías water
treatment system, Esmeralda Refinery in Ecuador, Termotasajero,
Cartagena modifications Tanks. It is estimated that in 2014 its
revenues will amount to US $ 250 million.
Moreover, it has executed several projects throughout Colombia
including maintenance of pipelines, water treatment plants, power
generation plants, fire systems and facilities for the
modernization of industries such as paper, chemical plants, food
plants, etc.
International development of Graña y Montero
Founded in 1933, the Graña y Montero Group is a publicly traded
company listed on the Lima Stock Exchange and New York Stock
Exchange, and is the only Peruvian company in its sector with
presence in the Peru and New York stock markets.
The company has participated in the development of major
engineering and construction projects in Peru, in the energy,
mining, construction and housing sectors. Also, it has significant
investments in infrastructure concessions.
Internationally, it has a significant presence in Chile, where
in the third quarter of 2014 it registered revenues for a total of
$ 487 million and has recently signed a contract for the
construction of the hydroelectric Ñuble. With this new investment,
a similar presence in Colombia is established and Morelco’s
valuable experience in oil and gas is added. Additionally, outside
these countries where it has permanent presence, the Group is
executing major projects in other countries, especially based upon
their experience in the mining sector, such as in Panama, Bolivia
and British Guyana.
Graña y Montero S.A.A.Juan Jose Arrieta, 511-213-6598Corporate
Responsibility Officerjarrieta@gym.com.peorDennis Gray F.,
511-213-6583Investor Relations
Officerdgray@gym.com.perelacion.inversionistas@gym.com.pe
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