Poole-based Hamworthy, a manufacturer of fluid-handling systems for the marine and shipping industry, has agreed to acquire Greenship BV for up to £6.4 million, once its ballast water treatment technology receives regulatory approval, which is expected later this year.
Based in Groningen in the Netherlands, Greenship specialises in ballast water treatment for ships. The company reported a turnover of some £450,000 in 2008. The acquisition will be funded entirely from Hamworthy’s own cash reserves.
Joe Oatley, chief executive of Hamworthy, said: “Ballast water treatment is an exciting global opportunity underpinned by strict international environmental regulations. The acquisition of Greenship complements our existing water systems business and is consistent with our strategy of expanding the group’s technological base in long-term growth markets.”
Hamworthy reported strong growth last year, with an increase in revenue of six per cent to £112 million. Hamworthy chairman Gordon Page CBE commented: “This is another excellent set of results for Hamworthy. A strong order book gives the board confidence in the group’s outlook for the near term. The medium-term effects from the current conditions in credit and capital markets are difficult to predict but our markets are unlikely to be immune.”