Swedish engineering group Alfa Laval has signed an agreement to acquire Norwegian marine and offshore pumping group Frank Mohn for NOK13bn ($2.17bn).
The acquisition will add a new portfolio to Alfa Laval’s fluid handling portfolio pumping technology to its existing range of equipment.
Alfa Laval Group president and CEO Lars Renström said: "The combination of Frank Mohn and Alfa Laval will provide a very attractive offering of products, systems and services and it will strengthen our leading position as a provider of critical systems for ships and offshore oil & gas production units, with unmatched service capabilities."
Upon closing of the transaction, Alfa Laval intends to include Frank Mohn and the product brand Framo in the marine and diesel division.
Frank Mohn’s activities in Norway’s Bergen area, the new office and sales and service facility at Askøy, and production facilities at Fusa, Flatøy and Frekhaug are all set to become Alfa Laval’s operational centre for marine and offshore pumping systems.
Frank Mohn supplies marine and offshore oil and gas markets with submerged pumping systems, under the product brand Framo.
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The company offers packaged pumping systems for offshore installations including seawater lift, water injection and fire water pumping systems in the oil and gas segment, contributing to safe operations.
Frank Mohn chairman Trond Mohn said through Alfa Laval’s industrial platform and global reach the company will be able to continue to serve demanding customers.
"Alfa Laval is the only company we could see as a responsible and long-term owner of Frank Mohn AS and I am very happy that we have reached an agreement," Mohn said.
The acquisition is expected to be EPS accretive as from closing of the transaction, which is subject to approval from regulatory authorities.