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.
Copyright Business Wire 2015