HYDRAtech acquires AVN Energy
PRESS RELEASE
January 17th. 2011
HYDRAtech acquires AVN Energy
HYDRAtech expands its position in the Global wind turbine generator (WTG) market through the merger with AVN Energy. HYDRAtech, a Global market leader within hydraulic cylinders and accumulators to the offshore and marine industries, now extends its offering with hydraulic cylinders and systems to the Global WTG market.
AVN Energy is one of the leading system developers and suppliers of hydraulic- and cooling systems to the Global WTG industry. AVN Energy, with facilities in Silkeborg (Denmark), Suzhou (China) and Bengaluru (India), employs approximately 100 people.
Chairman of the Board at AVN Energy, Henrik Krabbe, said: “During the last 25 years, AVN Energy has established itself as a strong brand, delivering world class hydraulic– and cooling systems to the WTG industry. It is with great pleasure that we through this merger will be able to accelerate our geographical manufacturing capabilities and thereby serve customers anywhere in the world. HYDRAtech’s existing manufacturing platform, across three continents, enables us to serve our customers globally through local production”.
HYDRAtech, with major shareholder Odin Equity Partners, is one of the leading Global producers of customized hydraulic cylinders and accumulators to the marine- and offshore industries. HYDRAtech with facilities in Vraa (Denmark), Suzhou (China), and Alabama (USA), employs approximately 400 people.
CEO, Kim Weidemann of HYDRAtech said: “The acquisition of AVN Energy will significantly strengthen our position within the wind energy industry and, at the same time, benefit our existing marine and offshore business. It addresses one of our key business objectives, to be fully engaged in the fast growing wind energy market and, at the same time, our existing product offering will be strengthened by world class hydraulic systems know-how. We look forward to further develop the new combined company together with our new colleagues.”
As part of the transaction Peter Krabbe Holding A/S becomes a part shareholder in Hydratech and Henrik T. Krabbe will join the board of directors. In 2011, the combined company is expected to generate revenues close to DKK 700 million and to employ a staff of more than 500.
For further information, please contact:
| Kim Weidemann, CEO, Hydratech A/S | phn. + 45 98 98 02 00 |
| Tom Weiling, CEO, AVN Energy A/S | phn. + 45 40 62 45 14 |
| Henrik T. Krabbe, Chairman of the board, AVN Energy A/S | phn. + 45 40 43 21 58 |
| Esben Bay Jørgensen, Partner, Odin Equity Partners | phn. + 45 22 35 53 12 |
