Incitec Pivot Limited (IPL), Southbank, Victoria, has completed the acquisition of the Titanobel Group, a leading industrial explosives manufacturer and drilling, blasting, and technical services provider based in France, the Australian company said on April 29.
The completion follows an agreement IPL entered in January to acquire 100 percent of the shares in Explinvest, a holding company of the Titanobel Group, for €91 million (approximately A$134.7 million and US$95.7 million at current exchange rates) (GM Jan. 14, p. 30).
“Together, we will be able to build on the strengths and expertise of both businesses which have a great synergy,” said IPL Managing Director and CEO Jeanne Johns. “The acquisition is an important milestone in the execution of our strategy to extend our brand and world leading technologies into the Europe, Middle East, and Africa (EMEA) region “
The EMEA market is significant in size and characterized by low ammonium nitrate requirements, stable or growing mineral markets, and large initiating systems usage with low penetration of electronic detonators, Johns said.
IPL said in January the transaction would be funded from IPL’s own existing cash and debt reserves.