August 19, 2008
Aggreko Enhances Canadian Presence With Acquisition of Power Plus Rentals and Sales
HOUSTON and EDMONTON, Alberta, Aug. 19 /PRNewswire-FirstCall/ -- Aggreko, the global leader in temporary power, temperature control and oil-free compressed air solutions, announced today that it has strengthened its Canadian presence by acquiring all the assets of Power Plus Rentals and Sales (Power Plus). Power Plus is a highly regarded rental power specialist in Alberta.
Aggreko has a long history with major oil and gas operations all over the world, having served as a specialist in Dubai, the UK, South America and the Gulf of Mexico region of the USA. "The combination of our background in the oil and gas industry and the increased demand for services like ours in the oil sands of Canada makes this a promising market for Aggreko," said George Walker, President of Aggreko North America. Aggreko's Canada Business Unit also has service centers in Sarnia, Toronto and Edmonton.Power Plus provides specialized rental power solutions to businesses in the Athabasca Oil Sands in Alberta and Saskatchewan, where more than CN$10 billion a year is being invested in the development of the world's second largest oil reserve. This acquisition provides Aggreko with access to skills and experience in designing and operating equipment in extremely cold environments, including remote camp sites, and strengthens its ability to service oil and gas and refining customers.
"Aggreko recognizes that Power Plus is a leader in service and support for its industry. We believe it makes solid business sense for us to come together to build an even stronger local brand with substantial global expertise behind it," said George Walker. "Together under the Aggreko name, we will have more people and resources to provide superior service and support in the oil and gas sector in Western Canada and possibly beyond."
This transition will bring 34 experienced and skilled Power Plus employees into Aggreko's Western Canada business, including 22 technicians. David Lassu, the proprietor of the Power Plus business, has agreed to work with Aggreko as a consultant over the next two years.
"There is huge opportunity in Western Canada that requires significant investment in fleet, people and infrastructure. Aggreko is a global company with the financial resources to make these investments. And Aggreko, with its customer and employee focus, is the best fit for this business I started 6 1/2 years ago," said Lassu. "Our business practices of reliable, personalized local service are very similar, which will make the customers confident with the transition and service. I couldn't be more pleased with this arrangement."
The expansion supports Aggreko's strategy of growing its core business in rental power and temperature control to serve Western Canada. In May 2008, Aggreko was announced as the Official Supplier of Power and Temperature Control for The Vancouver 2010 Olympic and Paralympic Winter Games.
Aggreko plc is the global leader in the rental of power, temperature control and oil-free compressed air systems. We help customers in many different industries to improve and safeguard their operations by solving problems, creating opportunities and reducing risk. Aggreko provides 24/7 availability and service support with approximately 3000 employees operating from over 120 locations in 31 countries. In 2007 we served customers in 100 countries, and had revenues of approximately $1b. Aggreko plc is listed on the London Stock Exchange (AGK.L) and headquartered in Scotland. For more information, please access the company website at http://www.aggreko.com/northamerica.
CONTACT: Tricia Coghlan of Richards|Carlberg, +1-713-964-3606,[email protected], for Aggreko; or Amy Stine of Aggreko,LLC, +1-281-985-8286, [email protected]; or Simon Lyons of Aggreko Plc,+44-141-2255900, simon.lyons AT aggreko.co.uk
Web site: http://www.aggreko.com/northamerica