The sale-leaseback agreement with Kenmore Property Group, a UK based property investor, covers all office buildings and workshops in the Kvaerner Village. The parties have agreed long-term leases, and Aker Kvaerner companies in Aberdeen will continue to operate out of the Village.
The Romanian company SC Nuclearmontaj SA, member of the Tender Group-Romania has acquired Aker Kvaerner's 51 per cent stake in Kvaerner Fecne, a company that specialises in delivery of pressure vessels, high pressure heat exchangers and welded structures for the energy and shipbuilding industries.
The American industrial group General Electric has acquired Kvaerner Hangfa in China. Kvaerner Hangfa was originally taken over by Kvaerner in 1996. The company has since acquired a significant share in the Chinese hydropower market. The transaction with General Electric is an all-shares sales agreement.
In parallel, General Electric has entered into a three-year strategic alliance agreement with Aker Kvaerner's IMGB operation in Romania. IMGB is an integrated steel melting, forging, casting and machinery facility that manufactures large components for the energy, marine, steel and cement industries. According to the agreement, General Electric will source a significant share of the IMGB production.
For further information
Tore Langballe, Vice-President, Group Communications. Tel: +47 6751 3106
Aker Kvaerner is a leading global provider of engineering and construction services, technology products and integrated solutions. Group activities span a number of industries, including Oil and gas upstream and downstream, Process, Pharmaceuticals, Metals, Power, Chemical Pulping, Environmental and Shipbuilding. Aker Kvaerner is a multi-local group of businesses with nearly USD 6 billion of annual revenues and around 34 000 employees in more than 30 countries. The
Kvaerner Hangfa and Kvaerner Fecne and Kvaerner IMGB are part of the Other Business segment in the consolidated Group accounts.
A further NOK 250 million in capital released following sales and sale-leaseback agreements
| Source: Akastor ASA