KUALA LUMPUR: Sime Darby Bhd, through wholly-owned Sime Darby Industrial Australia (SD Industrial), has agreed to acquire Heavy Maintenance Group Pty Ltd from private equity fund Pemba Capital for an undisclosed sum.
SD Industrial director Dean Mehmet said Heavy Maintenance would complement and add capacity to Austchrome, its existing cylinder refurbishment and chroming business in Mackay.
“The acquisition of Heavy Maintenance builds geographic coverage by combining our Mackay capability with those of the Heavy Maintenance facility in Brisbane,” he said in a statement.
Dean said employees of Heavy Maintenance would remain employed by the company as it transfers to new ownership.
“We have retained Heavy Maintenance’s strong management team and look forward to working with the company to continue building its leadership in the mining cylinder refurbishment market as well as drive growth in the oil and gas sector,” he said.
The transaction is expected to complete by end 2018, subject to approval from the Foreign Investment Review Board of Australia, Sime Darby said.
Heavy Maintenance is a leading specialist provider in the manufacture, refurbishment and surface finishing of equipment components to its customers in Australia and Asia Pacific.
Operating from a large state-of-the-art facility in Brisbane, Australia, Heavy Maintenance services the mining, oil and gas and other heavy industries which require the manufacturing or refurbishment of hydraulic cylinders, sophisticated engineering and protective surface finishing coating.