Minova, manufacturer of consolidation and support consumables for the mining and tunnelling industries, has announced the completion of its acquisition of CarboTech Fosroc GmbH by acquiring the shares from CarboTech Berg und Tunnelbausysteme.
In addition, Minova has acquired all of the mining and tunnelling interests of CarboTech Berg und Tunnelbausysteme including CarboTech Australia pty and a 50% share in Heitech Inc, USA.
The full deal will be completed, subject to final regulatory approval, by the purchase of 100% shareholding in Carbo Zakk in Russia and a 25% shareholding in Carbo & Krep in the Ukraine.
Sandy Arbuthnot, Minova International chief executive, says: “This is a major step in the fulfilment of the strategic expansion plans we announced 12 months ago. Then we were an £85M (US$151M) turnover company and a year on we have hit our initial target of becoming a £100M (US$178M) company. This acquisition brings clarity to the market and enables Minova to fully exploit CarboTech technology worldwide.”
The deal considerably increases Minova’s worldwide capabilities in the tunnelling sector. Business development director Peter Bell, one of the Minova board members who orchestrated the deal, says: “With this acquisition, we are buying industry respected technology. We have had a four year partnership with CarboTech in Europe, but by acquiring their worldwide tunnelling and mining interests, we are moving into a position of far more significant strength.”
This ability to transfer the CarboTech technology is seen as a significant benefit of the acquisition. With its strength traditionally in the mining sector, Minova now sees considerable opportunities to move the CarboTech technology into new tunnelling and civil engineering applications worldwide.
