Altrad has announced it reached a financial close on its agreement to
acquire Doosan Babcock.
Doosan Babcock will now be renamed to reflect its new ownership, the Crawley-based firm will now go by Altrad Babcock.
Along with the acquisition of the company, around 4,000 workers will join the 52,000 people already employed by Altrad.
Doosan Babcock becomes the latest in a long line of acquisitions made by Altrad in recent months.
It was announced in March that the company is buying Aberdeen-headquartered Sparrows Group, with around 2,000 workers poised to cross the floor.
And in January, Altrad completed its takeover of Muehlhan’s oil and gas business in Denmark and the UK, with the changeover of 750 North Sea workers.
Altrad recently said a significant pipeline of work would see it expand its UK headcount this year, with a recruitment drive for up to 1,000 workers.
Group co-chief executive, Ran Oren said: “We have admired the Doosan Babcock business from a distance for many years and I am pleased we have been able to finalise this latest acquisition, which will add a wide range of value-adding engineering skills to the Altrad Group.
“We are committed to investing in the business to support its continued growth, so together, we can play our part in supporting the transition towards a more sustainable future.”
While Altrad’s UK, Ireland and Nordics chief executive, Padraig Somers, added: “We are delighted to welcome Doosan Babcock into the Altrad family.
The acquisition represents an exciting opportunity to extend our portfolio of services and enter new markets, whilst enhancing the outcomes we deliver for our clients.”