Ham – Let Group is moving forward with the opportunities in the Oil and Gas industry
Ham-Let Group acquires a company that operates the Control and Monitor technology for the Oil abd Gas field in Singapore.
Rovac Pte Acquisition
Ham-Let Group, a developer and manufacturer of fittings and valves for a variety of segments and applications in the process and ultra-clean industries, announced a completion of acquisition of 70% of Rovac Pte, LTD.,on 27th of October, 2017.The acquisition was completed through the fully owned Ham-Let Group subsidiary in Singapore.
About Rovac Pte
Rovac Pte, a privately held company operating in Singapore and specializing in the Oil and Gas industry, was acquired for the amount of $450,000.
Rovac Pte operates in the field of control and monitoring systems for the Oil and Gas industry, which is related to the Process industry activity at Ham-Let.Rovac Pte acquisition is a part of the Ham-Let Group business strategy objectives.
Rovac owns a full set of skills and knowledge in the fields of: design, manufacturing and assembly of control and monitoring technology systems for the Oil and Gas industry. Rovac has close relations with Engineering companies in the Asian market and around the globe.
Ham-Let Group is expanding its activity in the Asian Market
Rovac will allow Ham-Let Group to expand and strengthen its customers base and activity areas, while establishing its presence in Asia.
Rovac sales volume (according to non-monitored data) during the past 12 months ended on September 30th, 2017 was $2.5MM, which showed a 29% growth vs. the last 12 months of the year before, that ended on September 30th, 2016.
According to the contract terms, Ham – Let Group has been given an option to acquire the remaining 30% of Rovac for a period of 6 months, starting from 1.1.2021.
Rovac, has also been given an option to sell the remaining 30% under the same terms and conditions.
Rovac Pte is synergetic to Norvalves and Astava activity
Rovac activity is synergetic to Norvalve activity. Norvalves which has been acquired by Ham-Let Group a year ago, specializes in the marketing of valves and fittings for the Oil and Gas Offshore industry: subsea and on shore.
Rovac’s activity is also synergetic to Astava which operates in the Oil and Gas and Nuclear industries.
Rovac’s acquisition is an additional expression of Ham-Let Group Global vision where each one of the acquired companies are addressing a strategic objective and whom activities are synchronized.
Amir Widmann, Ham-Let CEO, said:
“As a part of the market share growth strategy, we constantly strive to identify companies that are synergetic to our activity in the Process and High purity fields. We always look to identify acquisition opportunities in the complementary technologies and areas.
Rovac complies with the requirements we defined: it operates in the field of Process industry which is synergetic to Ham-Let Group. Moreover, It strengthens our ability to expand our market share, and it offers complementary solutions. All of these factors contribute to our presence and position establishment in the Asian market.
This major step is leading us towards the global solutions providers arena and strengthen the Ham-Let Group ability in the Development, Engineering and Marketing fields of expertise.
Ham-Let Group professional and operational status is well established. We, as a group, are optimally capable and determined to accelerate our growth and our competitive position.”
About Ham-Let Group
Controlled by FIMI Fund (61%), Ham-Let Group is one of the world’s leading companies in the development, manufacturing, and sale of valves and fittings suitable for use in high temperature, pressure, and vacuum conditions for process industries and the transmission of gases in the semiconductor field. The company’s customers are among the world’s leading companies in the process industry and the semiconductor industry. Founded in 1961 and houses its manufacturing facilities and management on a 25,000-square meter campus in the Ziporit Industrial Zone. With more than 850 employees in Israel and around the World, Ham-Let Group has branches and subsidiaries in the US, Canada, England, Germany, Netherlands, Japan, China. Russia, France, Norway and Singapore. Ham-Let Group’s shares are traded at the Tel Aviv Stock Exchange.