Grenland Group Strengthens Engineering Ability

Grenland Group has entered into an agreement to take over the engineering activities of Nopicon AS.

The acquisition is a result of an established growth strategy of which the objective is to increase the technological content in projects and products, and hence enhance the core competence in the chosen market segments.

With this acquisition, Grenland Group strengthens the ability of the Process & Industry Division within design, engineering and project management. Nopicon has, through many years, delivered engineering services to the Norwegian process market by highly qualified engineering personnel, and is currently engaging 16 people in various projects.

With an increasing demand for services with a technological content in the enquiries, and with a larger emphasis on shifting responsibilities to the contractors, Grenland Group has now strengthened the ability to cope with the current trend in the market. The Process & Industry Division holds, at present, an impressive range of customers. Adding the resources from Nopicon will further increase the project execution ability to undertake larger, total industrial construction or modification projects in Scandinavia.

Nopicon had a turnover of NOK 12 million in 2005 and operating margins at 21%. The price of the acquisition is NOK 13.25 million, and will be paid with a cash portion of NOK 10 million and newly issued shares.