Two days of acquisitions
The last two days have seen a flurry of investment activity from FLSmidth as it yesterday acquired the privately-owned German company, Teutrine GmbH Industrie-Technik (Teutrine) and today, has signed an agreement to acquire the two Australian service companies MIE Enterprises Pty Ltd (MIE) and Mayer Bulk Pty Ltd. (MBP). All involved parties have agreed not to disclose the value of the transactions.
MIE and MBP, both acquired by FLSmidth on Tuesday 4 September, provide construction, commissioning, maintenance and repair services, though each has it its own further specialisation. MIE serves the market for specialised mechanical services of high technical complexity, while MBP's area of expertise is the design of mobile machines, cranes and material handling structures. Prior to its acquisition by FLSmidth, MBP had owned a majority share in MIE since last year.
Combined with the recent acquisition of Australian Ludowici, these two new acquisitions can only strengthen FLSmidth’s position, both in Australia itself and Southeast Asia too. These new additions will complement the company’s regional Customer Services set-up as it absorbs an established, highly skilled workforce of around 200 employees and the existing full-service capabilities of each company.
Group CEO, Jørgen Huno Rasmussen said, "These acquisitions… further accelerate the development of FLSmidth's regional Customer Services capabilities, offering a unique combination of service footprint and skills which makes FLSmidth one of the strongest service providers in Australia, while at the same time providing opportunities, through FLSmidth's global footprint, to expand the acquired new expertise to other markets where the FLSmidth Group is active."
Teutrine, acquired by FLSmidth on Monday 3 September, has 40 years of experience of worldwide site management services, assembly and repair tasks within the cement and minerals industries. As with FLSmidth’s acquisitions in Australia, Teutrine is a service-based company, this time specialising in mobile solutions for repairs, refurbishments and installation services. The company was founded in 1973 by Antonius and Annemarie Teutrine, and in 2009 ownership was transferred to Gabriele Teutrine, CEO and successor to the founders. The company now has 45 employees and its reach now extends far beyond their beginnings in Germany, to key markets within Europe and the Middle East.
The company predominantly carries out on-site maintenance and repair services, offering mobile solutions within repair, refurbishment, replacement and upgrades.
Of this acquisition, Jørgen Huno Rasmussen said, "Teutrine is a significant addition to our service concept in relation to repair and refurbishment services as well as replacement and upgrade services for all the major equipment on a cement plant creating even closer relations between FLSmidth and our customers."
The company will be integrated into FLSmidth as part of ‘Plant Operation & Equipment Services’ within the Customer Services division.
Adapted from press releases by Jack Davidson.
Read the article online at: https://www.worldcement.com/europe-cis/04092012/flsmidth_acquires_mie_mayer_bulk_teutrine/