business news 001

M&A Transactions

On October 15, the Klinger Group acquired Westad Industri AS, a Norway-based leading manufacturer of high tech valves for LNG, LPG and LNE tanker systems as well as LNG liquefaction and storage facilities.

"With an increasing share of world energy consumption depending on natural gas, and large basins as well as unconventional geologies becoming accessible through new extraction technologies, major investments in processing, transportation and storage of LNG and its derivatives can be expected. Westad is an excellent brand in exactly those areas and perfectly extends the Klinger Groups' success story as supplier to ship and platform builders in Europe and Far East, in addition to being located in a region which retains considerable upside gas potential for decades to come", says Heinz Scharl, CEO of the Klinger Group.