Japan's Hitachi Zosen acquires Dubai company
Dubai, June 29, 2014
Hitachi Zosen Corporate (Hitz), a Japanese engineering heavy-weight, has acquired Dubai-based electrochemical company Cumberland in line with its regioanl expansion strategy.
The Tokyo-listed Hitz had a revenue of 333.4 billion yen for year ending March 31, 2014.
The first merger in the sector to see a Japanese firm acquire a Middle Eastern company will provide Hitz with direct access to the European and Mena regions, whilst Cumberland will benefit from the wider product portfolio of Hitz and enhanced financial resources.
Cumberland will continue operations from its headquarters in Dubai and from its engineering, sales and technical support offices in the UK, Singapore and India.
Commenting on the merger, Alistair Munro, CEO of Cumberland, said: "We are extremely pleased to join Hitachi Zosen. Cumberland was founded in the UK in 1949 and is now part of a $4 billion organisation with vast manufacturing, R&D and commercial resources."
"Acquisition by Hitz provides excellent synergies and will serve to accelerate our delivery of innovative and energy-efficient electro-chlorination services to the power and desalination, water and wastewater treatment, petrochemical, oil & gas and marine industries," he stated.
“Our cell technology is the culmination of our dedication to continuing product development, engineering excellence and quality assurance procedures. It is the dedication to this quality that has enabled us to enter into a relationship with a world-class organisation such as Hitachi Zosen.”
The Japanese firm said Munro, and the existing Cumberland management team will remain in place, and no redundancies are planned following the merger.
Cumberland’s clients will continue to receive top quality services and support whilst also benefiting from its new global scale and an extended product range, it added.
Hitachi Zosen Corporation said Cumberland, with its cutting-edge electro-chlorination technology, has rapidly established itself as an industry leader in the growing global power, oil and gas industry.
We have researched the sector globally and believe that in Cumberland, we have chosen the best partner with which to bring our products and services to an international market, said the company.-TradeArabia News Service