Western Australia-based engineering services provider CIvmec says it is conducting due diligence on a planned acquisition of a shipyard belonging to Australian shipbuilder, Forgacs.
The company also plans to acquire the Forgacs name. Forgacs is Australia’s largest privately-owned engineering and shipbuilding company. It owns Forgacs Shipyard–Tomago on the east coast of Australia which Civmec wants to buy.
“This is a very exciting opportunity for our company to extend our multi-disciplinary operations to the East Coast of Australia and to gain a long established foothold in the defence shipbuilding industry,” says Civmec CEO Pat Tallon.
“It will also give us the opportunity to acquire in house submarine building and technical expertise,” he adds.
The acquisition also includes plant and equipment currently located at the Forgacs Hexham Heavy Engineering workshop and at the Forgacs Gladstone Heavy Engineering workshop workshop. It excludes Forgacs’ ‘Products’ business, Forgacs-Broens.
Some of the vessels the Tomago shipyard has built include the iconic ice breaker Aurora Australis, HMAS Tobruk and hull sections of Collins class submarines.
Civmec is an integrated, multi-disciplinary construction and engineering services provider to the oil and gas, metals and minerals, infrastructure and defence sectors with its headquarters in Henderson.
The acquisition will place Civmec in a position to capitalise on significant infrastructure spending planned for the Australian east coast.
Civmec plans to leverage on the increased capacity to deepen its relationship with existing blue chip clients in Australian as well attract new regional clients.
Civmec is down 2.4% at 40 cents.
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The company also plans to acquire the Forgacs name. Forgacs is Australia’s largest privately-owned engineering and shipbuilding company. It owns Forgacs Shipyard–Tomago on the east coast of Australia which Civmec wants to buy.
“This is a very exciting opportunity for our company to extend our multi-disciplinary operations to the East Coast of Australia and to gain a long established foothold in the defence shipbuilding industry,” says Civmec CEO Pat Tallon.
“It will also give us the opportunity to acquire in house submarine building and technical expertise,” he adds.
The acquisition also includes plant and equipment currently located at the Forgacs Hexham Heavy Engineering workshop and at the Forgacs Gladstone Heavy Engineering workshop workshop. It excludes Forgacs’ ‘Products’ business, Forgacs-Broens.
Some of the vessels the Tomago shipyard has built include the iconic ice breaker Aurora Australis, HMAS Tobruk and hull sections of Collins class submarines.
Civmec is an integrated, multi-disciplinary construction and engineering services provider to the oil and gas, metals and minerals, infrastructure and defence sectors with its headquarters in Henderson.
The acquisition will place Civmec in a position to capitalise on significant infrastructure spending planned for the Australian east coast.
Civmec plans to leverage on the increased capacity to deepen its relationship with existing blue chip clients in Australian as well attract new regional clients.
Civmec is down 2.4% at 40 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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