Argan Inc. (AGX) said May 12 it entered into an agreement to acquire Atlantic Projects Co. Ltd. (APC) in exchange for a combination of cash and common stock.
APC, based in Dublin, Ireland, meets the needs of clients in the oil and gas industry by installing, commissioning, upgrading and maintaining large rotating equipment, boilers and associated systems onshore and offshore.
The company also provides turbine, boiler and large rotating equipment installation, commissioning and outage services to original equipment manufacturers, EPC contractors and plant owners worldwide.
With offices in Hong Kong, Singapore and New York, the acquisition of APC will expand Argan’s operations internationally.
APC will continue to operate under its own name and with its own management team as part of the Argan group of companies, based in Rockville, Md.
"By combining the technical and operational strengths of APC with the financial and management capabilities of Argan we will be able to expand and enhance the range of services and benefits that we provide to our clients,” said Philip Healy, managing director of APC, in a statement.
The transaction is expected to close by May 31.
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