DavyMarkham in Indian takeover4 March 2010
HDO is a majority-owned subsidiary of IVRCL Infrastructures & Projects Ltd, and is exploring business opportunities in the oil and gas, power and uranium processing sectors. HDO said it sees the acquisition of DavyMarkham as a platform for expanding into new sectors, and it will use DavyMarkham’s corporate credentials and engineering expertise to grow its business in the domestic heavy engineering market in India. IVRCL will also introduce DavyMarkham to its existing international clients.
HDO plans to invest in new plant and equipment at the Darnall works, continue DavyMarkham’s apprentice training scheme and expand the company’s sales and marketing infrastructure.
“It is great news for DavyMarkham’s customers, employees and suppliers, since HDO along with its parent is financially very strong, very growth orientated and dedicates itself to continuous improvement in all fields of its business,” said Kevin Parkin, managing director at DavyMarkham.
“DavyMarkham was on the verge of closure four years ago, but with the financial support of our buyout partners, Endless, we have been able to turn around the business and make it an attractive acquisition prospect.
“Working closely with the workforce, management, unions, suppliers, the bank and local council, we have introduced huge improvements and efficiencies into the business and we are now facing an exciting future.”
Parkin and financial director Duncan Hay will remain in their roles at DavyMarkham, along with the management team.