Kvaerner Completes Divestment of North American Construction Business
01/01/2014 - Kvaerner has completed the sale of its onshore construction business in North America to Matrix Service Company.
The transaction with an enterprise value of US$ 80.3 million was settled in cash at closing and the financial effects will be recognized in Kvaerner's fourth quarter 2013 accounts.
Going forward, the businesses will be known as Matrix North American Construction Ltd. and Matrix North American Construction, Inc. The companies are premier providers of maintenance and capital construction services to North American power generation, integrated iron and steel, and industrial process facilities. The business will continue to be led by their existing, talented management and operational teams.
"The completion of this transaction marks a major milestone in the strategic development of Matrix Service Company and we are excited about the opportunities our new team members will create in our overall business," noted John R. Hewitt, Matrix president and chief executive officer.
Matrix Service Co. provides engineering, fabrication, construction and maintenance services to electrical infrastructure, oil gas & chemical, storage solutions and industrial markets. The company is headquartered in Tulsa, Okla., with regional operating facilities in the United States and Canada.
Going forward, the businesses will be known as Matrix North American Construction Ltd. and Matrix North American Construction, Inc. The companies are premier providers of maintenance and capital construction services to North American power generation, integrated iron and steel, and industrial process facilities. The business will continue to be led by their existing, talented management and operational teams.
"The completion of this transaction marks a major milestone in the strategic development of Matrix Service Company and we are excited about the opportunities our new team members will create in our overall business," noted John R. Hewitt, Matrix president and chief executive officer.
Matrix Service Co. provides engineering, fabrication, construction and maintenance services to electrical infrastructure, oil gas & chemical, storage solutions and industrial markets. The company is headquartered in Tulsa, Okla., with regional operating facilities in the United States and Canada.
