Hanover Compressor Company, a provider of outsourced natural gas compression services, has exercised its option to acquire the remaining 49 percent interest in Belleli Energy that it did not already own for approximately $15 million. With this purchase, Hanover will now own 100 percent of Belleli.
Belleli is an Italian-based engineering, procurement and construction company that engineers and manufactures desalination plants and heavy wall reactors for refineries and processing plants for use primarily in Europe and the Middle East. Belleli has three manufacturing facilities, one in Mantova, Italy and two in the United Arab Emirates (UAE).
In November 2002, Hanover increased its ownership in Belleli to 51 percent and began consolidating the results of Belleli's operations. "This transaction allows us to fully integrate Belleli's management team and operations into Hanover and provides a solid base to look to expand our operations in the growing markets of the Middle East, Europe, Russia, and Central Asia," said Chief Executive Officer of Hanover, Chad Deaton.
Hanover sells and provides equipment on a rental, contract compression, maintenance and acquisition leaseback basis to natural gas production, processing and transportation companies that are increasingly seeking outsourcing solutions. Founded in 1990 and a public company since 1997, Hanover's customers include premier independent and major producers and distributors throughout the Western Hemisphere. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
