Altrad and the shareholders of Hertel have today finalized the acquisition of Hertel’s worldwide access solutions, insulation, corrosion protection and mechanical businesses by Altrad.
Scaffmag first reported the £163M acquisition of Hertel in March, today (12 June) the consultation processes with Hertel’s works council has been completed and the competition authorities have approved the transaction.
The Offshore business of Hertel is not included in this transaction and will continue to operate as a separate company under the name CKT Offshore. Hertel’s senior management will continue to be involved in Offshore’s operations to safeguard a seamless transition to the new situation.
The combination of Altrad and Hertel, which will have a joint annual turnover in excess of € 1.6 billion and employing approximately 17,000 people, will result in a leading company in its businesses in Europe, the Middle East, Caspian and Asia Pacific.
