Burckhardt Compression : exercises a call option to acquire a majority interest in Arkos Field Services in the US
July 09, 2019 at 12:28 pm EDT
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July 09, 2019
Burckhardt Compression North America Services LLC, an indirect subsidiary of Burckhardt Compression, has exercised its first call option to purchase an additional 20% interest in Arkos Group LLC, which owns Arkos Field Services, LP. With this step, Burckhardt Compression North America is raising its total interest in the company to 60%. All of the company's 16 sites will remain in operation.
In December 2015, Burckhardt Compression North America Services acquired a 40% interest in Arkos Group. The company is a specialist for gas compressor services and components. Its headquarters are in Waller, Texas and it operates 15 service centers across the US. After acquiring this initial interest in the company, Burckhardt Compression, through other subsidiaries, combined its operating sites in the US with those of Arkos Field Services. All of the current 16 sites will remain in operation, as geographic proximity to the customer is so important in Arkos' core business: the upstream market. The upstream sector of the gas industry is engaged in the exploration and production of natural gas.
The call option to acquire an additional 20% stake was part of the original limited liability company agreement of Arkos Group and the transfer of the additional 20% stake will be completed at a future date once all of the legal formalities have been completed. Burckhardt Compression North America Services has another call option to potentially acquire the remaining 40% at a future date.
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Burckhardt Compression Holding AG published this content on 09 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 July 2019 16:27:03 UTC
Burckhardt Compression Holding AG is a Switzerland-based manufacturer of reciprocating compressors. The Company's product portfolio comprises compressor valves, rings, capital parts, labyrinth piston compressor components, and hyper and secondary compressor components. Its customized compressor systems are used in the upstream and downstream oil and gas, gas transport and storage, refinery, chemical, petrochemical and industrial gas sectors. The Company also provides related services, such as repair and maintenance, installation, condition monitoring and diagnostics, and spare parts. It is present in more than 80 countries and operates production and assembly facilities in Switzerland, India, China, the United States and South Korea.