Hydro has signed an agreement for the acquisition of Balexco’s 50% ownership in Technal Middle East (TME).
TME, which is based in Bahrain, delivers tailor-made aluminium building solutions in the Middle East. The company was established in 2000 as a 50/50 joint venture between Hydro Building Systems and the local partner Balexco. With this acquisition, Hydro will own 100% of the company.
“This acquisition will strengthen Hydro Building Systems in Asia where the market growth is amongst the highest in the world. We are grateful for the good cooperation we have had with Balexco and look forward to further accelerate the growth in the years to come,” says Egil Hogna, head of the Extruded Solutions business in Hydro.
The agreed enterprise value for the 50% share is €35m. The transaction is expected to close in Q2 2019 and is subject to regulatory approvals.