Business, Earthmoving News

Altrad buys services company Valmec

Infrastructure services group Valmec will be under new ownership, after a $52 million deal was agreed for Altrad Australia to buy the Perth-headquartered company.

Valmec’s offerings include earthworks, land clearing, roadworks, drainage and pipeline construction.

In addition to the earthmoving sector, the publically-listed Valmec also works heavily in energy and mining, while Altrad describes itself as “a global leader in the provision of industrial services” and a manufacturer of constructing and building equipment.

In an announcement to the Australian Stock Exchange, Valmec was described as a “significant value-adding opportunity for Altrad’s client base and service offering”.

Altrad already employs about 1000 people in Australia among their 36,000-strong global workforce, while Valmec has offices around Australia and recent contracts included a further $15 million of work with WA’s Water Corporation which was announced last year.

Altrad Group CEO Ran Oren says the purchase of Valmec will allow both companies to grow.

“Australia and the broader Asia-Pacific region are a key pillar in Altrad’s global growth strategy, which is why I am delighted we have been able to sgree terms with the board of Valmec to merge this strong business into our existing operations,” he says.

“Our committed investment reflects Altrad’s confidence in our Australian team and the growth prospects for our business here.”

The purchase is due to be voted on at a shareholder’s meeting in October.

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