ROSEN Group weighs sale
Published by Sara Simper,
Editorial Assistant
World Pipelines,
ROSEN Group, an engineering firm specialising in testing oil and gas assets, is weighing a potential sale, people with knowledge of the matter said.
ROSEN is working with Baird & Co. to gauge interest from possible suitors, according to the people, who asked not to be identified discussing confidential information. The company generates annual earnings of more than US$200 million on revenue of about US$750 million and could attract both strategic and private equity bidders, they said.
Deliberations are ongoing and there’s no certainty they’ll result in a sale, the people said. A representative for ROSEN didn’t respond to requests for comment. A spokesperson for Baird declined to comment.
Founded in the early 1980s, Stans, Switzerland-based ROSEN designs and manufactures devices for checking the integrity of oil and gas assets such as pipelines and storage tanks. It also offers pipeline cleaning services. The company employs about 4000 people and has operations across Europe, the Americas and Asia Pacific.
A sale of the company would add to about US$172 billion worth of deals in the industrials sector this year, data compiled by Bloomberg show. That’s down more than 40% year on year amid the broader drop-off in deal-making globally.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
World Pipelines’ June 2023 issue
In the June 2023 issue of World Pipelines, we cover hydrogen pipeline transport; pipeline sensing, composite coatings and inline inspection. Also featured are articles on metering and monitoring, and subsea pipelines.
Read the article online at: https://www.worldpipelines.com/business-news/19062023/rosen-group-weighs-sale/
You might also like
The World Pipelines Podcast
Juan Caballero, Chair of the AMPP Board of Directors, talks about AMPP’s global efforts to prevent corrosion and to protect assets, offering insight into how the association listens to its members and serves the pipeline industry.
Listen for free today at www.worldpipelines.com/podcasts or subscribe and review on your favourite podcast app.
UK announces £9.4 billion in funding secured for carbon capture projects
The UK Government has backed two major Carbon Capture projects in Aberdeenshire and the Humber.
