Argan, Inc. Completes Acquisition of The Roberts Company
Argan, Inc. (NYSE: AGX) (“Argan”) today announced the
acquisition of TRC Acquisition LLC, which owns 100% of The Roberts
Company (“Roberts”), a fully integrated fabrication, construction and
plant services company. The purchase price of the acquisition is
$500,000 in addition to the assumption of approximately $17 million in
debt obligations, which Argan expects to retire within the month.
Rainer Bosselmann, Chairman and CEO of Argan, stated, “With substantial
revenue and the reengagement and leadership of founder John Roberts, we
believe the acquisition of Roberts enhances and diversifies our
portfolio of companies.”
Founded in 1977 and headquartered near Greenville, North Carolina,
Roberts is designed to work specifically with heavy and light industrial
clients. Its fabrication services offer unlimited steel plate
fabrication specializing in custom complex ASME code pressure vessels
and heat exchangers. In addition, Roberts provides a full service
project solutions group for grass roots projects, as well as a plant
services group to handle maintenance turnarounds, shutdowns and
emergency mobilizations. Roberts will operate as a wholly owned
subsidiary of Argan.
About Argan, Inc.
Argan’s primary business is designing and building energy plants through
its Gemma Power Systems subsidiary. These energy plants include simple
and combined cycle natural gas-fired power plants as well as alternative
energy facilities including biodiesel, ethanol, and those powered by
renewable energy sources such as wind and solar. Argan also owns
Atlantic Projects Company Limited and Southern Maryland Cable, Inc.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws and are subject to risks and uncertainties including, but not
limited to: (1) the continued strong performance of our power industry
services business; (2) the Company’s ability to successfully and
profitably integrate acquisitions; and (3) the Company’s ability to
achieve its business strategy while effectively managing costs and
expenses. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the
forward-looking statements due to a number of factors detailed from time
to time in Argan’s filings with the Securities and Exchange Commission.
In addition, reference is hereby made to cautionary statements with
respect to risk factors set forth in the Company’s most recent reports
on Form 10-K and 10-Q, and other SEC filings.
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Copyright Business Wire 2015
Source: Business Wire
(December 4, 2015 - 9:00 AM EST)
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