Aggreko expands in US with climate control takeover
Temporary power specialist Aggreko has struck a deal to buy a US supplier of industrial climate control equipment.
The Glasgow-based group, which last week revealed a slide in first-half profits amid a “difficult” trading environment, said the acquisition of Dryco would add more than 60 staff and 6,000 pieces of equipment to its rental solutions arm. No value was disclosed for the deal.
Dryco, based in Illinois, was founded in 2000 and specialises industrial and structural dehumidification, drying, emergency climate control and small temporary power. It has 15 sites across the US – targeting the shipping, manufacturing, food processing, construction and industrial painting industries – and generated revenues of $19 million (£14.6m) last year.
Aggreko chief executive Chris Weston said: “This acquisition combines the deep technical strength of two highly respected market leaders and provides our customers with an unparalleled range of solutions that can address their heating, ventilation and air conditioning and moisture control needs.
“It also gives Aggreko an opportunity to further support our rapidly expanding customer base within the shipping, food and beverage, and painting and coatings industries.”
Last week, Aggreko reported a pre-tax profit before one-off items of £71m for the six months to the end of June, down from £102m a year earlier, on revenues 12 per cent lower at £685m.
Plans announced last year to save £80m have seen 700 jobs cut from the global workforce at the group, which employs about 450 people in Scotland, split between its Glasgow head office and its Dumbarton facility.