Hindustan Dorr Oliver acquires UK-based heavy engg company DavyMarkham
02 March 2010
Hindustan Dorr-Oliver (HDO), a subsidiary of Hyderabad-based IVRCL Infrastructures and Projects Ltd, has acquired Sheffield, UK-based heavy engineering company DavyMarkham.
HDO did not disclose the terms of the deal that marks the company's entry into heavy engineering.
DavyMarkham is involved in the design, manufacture and assembly of heavy equipment used in mining, power generation, oil, gas and nuclear sectors. HDO will invest in the UK company for new plants and equipment and expand its sales and marketing infrastructure into India, the company said today.
DavyMarkham's managing director Kevin Parkin and financial director Duncan Hay, would continue in their current roles, along with the rest of the management team, the company said in a statement.
"There are considerable synergies between ourselves and Hindustan Dorr-Oliver, as also IVRCL group and its commercial aspirations in markets like nuclear energy match ours perfectly," Parkin said in a press release.
According to the company it had been on the verge of closure four years back but was turned around with financial support of its partners.