The move will increase HMS’s stake in DGHM to 51%. HMS purchased a 29.99% interest in DGHM in 2007 and increased this to 40% in 2099.
Founded in 1931, DGHM manufactures equipment, including pumps, for oil refineries, chemical, petrochemical and gas processing plants. For the FY2011, DGHM had revenues of US$53 million.
Artem Molchanov, managing director of HMS, said: “The acquisition of DGHM is perfectly consistent with our growth strategy in the most appealing markets with positive fundamentals. Through this acquisition we gained adjacent products that would enhance our existing product offering. This will allow us to provide complex solutions for strategically important projects implemented by our customers. Moreover, having acquired the healthy company with strong financials, we retained a sound balance sheet that would support our further growth initiatives.”