The Altrad Group agrees to acquire Kiel Industrial Services AG in Germany
Montpellier, France, July 2, 2021
Today, Altrad is pleased to announce an agreement has been reached to acquire, for an undisclosed amount, Kiel Group, the leading German piping and mechanical maintenance company, which fell into administration in May 2021. The deal is subject to normal antitrust clearance and is expected to be closed in the coming weeks.
For more than 75 years, Kiel, whose turnover exceeds €140 million, has served as a reliable partner for the chemical, petrochemical, pharmaceutical and food industries and in the refinery and power plant sectors. With its wide network of offices and branches throughout Germany, it guarantees optimum presence for its clients.
Through combined resources, skilled workforce and state-of-the art facilities, this strategic acquisition offers Altrad a unique opportunity to strengthen its position in Germany in order to create a more complete and competitive service offering for its client base and future prospects. In reaching this agreement, Altrad will also preserve more than 1,000 Kiel jobs.
Ran Oren, Altrad Group Co-CEO, recently commented: “We have admired Kiel for many years and have the utmost respect for the business and its skilled workforce. I am absolutely delighted to welcome them into the Altrad Group. This acquisition allows us to provide a stable platform for Kiel to continue its journey and build on its legacy, providing job security and mobility, and supporting clients with their engineering maintenance needs”.