The Scotland-based pipeline service provider STATS Group and the Japanese company Mitsui & Co have agreed over the purchase of 100% of STAT Group’s shares.
With the closing of the deal later this summer STATS Group will become a part of Mitsui’s iron and steel business unit. This agreement presents an opportunity for Mitsui to get a wider foothold in the market for sustainable infrastructure maintenance.
“The acquisition of STATS is complementary to Mitsui’s plan to establish a strong, sustainable presence in the pipeline maintenance market as a service provider,” said STATS Group chief executive Leigh Howarth.
There will be no change in the delivery of the services, products and solutions of STATS Group. Chair and founder of STATS Pete Duguid will retire once the deal is closed, while Howarth and all other executive members of STATS will remain with the company.
“Supported by Mitsui’s broad energy relationships and investments, we see significant growth potential for STATS from this transaction, and resultantly excellent career development opportunities for all our staff,” continued Howarth.