Cavotec Group Holdings NV announced the successful completion of over AED 600 million (€125 million) merger process with Mooring Systems Limited (MSL) to create Cavotec MSL Holdings Ltd., based in Christchurch, New Zealand, and is listed on the New Zealand Stock Exchange (NZX).
Cavotec is a global leader in power supply equipment to a range of industries including aviation, oil and gas, mining and ports and maritime. The merged entity will be among New Zealand’s top 50 companies in terms of market capitalisation.
Mr. Thomas Widegren, Regional Manager and Executive Chairman of Cavotec Middle East, said: “Following the merger which brings a highly effective synergy of operations, Cavotec Middle East, part of the Cavotec, has gained further momentum to consolidate its already strong operations in the region.”
“The regional economic boom has in turn spurred growth in aviation and maritime sectors besides the oil and gas industry – our business focus areas. Consequently, we are optimistic that we will be able to increase our business opportunities substantially,” added Mr. Widegren.
Cavotec Middle East recorded an annual turnover of AED100 million in 2006 against AED60 million in 2005 and has set itself a higher target for this year.
“In order to capitalize on the regional growth opportunities, we are currently exploring the possibilities of setting up branch offices in Abu Dhabi and Saudi Arabia. Our Doha office started functioning since 2006 and we have been present in Jebel Ali since 1993,” Mr. Widegren pointed out.
“We are currently quadrupling the size of our Jebel Ali offices and warehouses to cope with a rapidly increasing demand for our products and have doubled the size of workforce over the past 18 months,” remarked Mr. Widegren.
Cavotec recently installed 120 revolutionary pop-up units in the new Emirates Engineering hangar at Dubai International Airport. It also fitted similar equipment specially designed for the A380 'super-jumbo' in Concourse 1 of Dubai Airport and is supplying power and air supply equipment for 27 gates at Concourse 2, currently under construction.
The company is active in the fast-growing markets like the Middle East and India besides others.
Cavotec’s equipment supplies power and water to aircraft while parked on the tarmac or in hangars, along with pre-conditioned air to cool the cabin. Its aviation range also includes aircraft towbars and access stairs.
