Gas Turbine Efficiency PLC
20 June 2007
20 June 2007
Gas Turbine Efficiency plc
GTE acquires US gas turbine services business
Gas Turbine Efficiency plc ('GTE' or 'the Group'), a leading supplier of
advanced cleaning, performance monitoring and fluid and control systems for gas
turbines, announces the acquisition of ARES Technology, LLC, a specialist gas
turbine services and repair business, for a cash consideration of $300,000.
The acquisition is highly complementary to GTE's existing activities including
the Group's subsidiary, Control Center, and is expected to be earnings enhancing
from this year. The deal will also broaden the Group's customer base and
technical capability in addressing the needs of industrial turbine operators in
the power generation, oil & gas and marine sectors.
ARES Technology, based in the US, made revenues of $223,000 and net profits of
$30,000 in 2006. Net liabilities as at 31 December 2006 amounted to $117,000.
The business is being acquired debt-free and has a current year order backlog of
approximately $500,000.
Steven Zwolinski, CEO of Gas Turbine Efficiency, said: 'We are delighted to
announce the acquisition of ARES Technology, LLC, which broadens the Group's
technical capability in a highly specialised niche of the industrial gas turbine
market and will accelerate our growth as operators come under increasing
pressure to minimise downtime, lower fuel costs and reduce emissions levels.'
Enquiries:
Gas Turbine Efficiency plc
Steven Zwolinski, CEO +46 8 546 10 528
Libertas Capital
Aamir Quraishi, Charles Goodfellow +44 20 7569 9650
Corfin Communications
Neil Thapar, Harry Chathli +44 20 7929 8989
About GTE
Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange's
AIM market (Ticker: GTE), designs, manufactures and markets advanced integrated
solutions for environmental, process and asset optimisation of gas turbines
primarily in the aerospace, industrial, oil & gas and marine sectors. These
solutions include cleaning systems, performance monitoring, fluid and control
sub-systems that improve turbine performance and availability, fuel efficiency
and parts life, resulting in increased profits for our clients and a cleaner
environment. The Group sells its products to blue chip customers worldwide from
operational centres in Europe and the USA.
Visit www.gtefficiency.com
This information is provided by RNS
The company news service from the London Stock Exchange
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