Cumberland
announces merger with Japanese engineering heavy-weight, in the first
merger of its type in the industry
Dubai,
UAE – June 30, 2014
Cumberland,
a world leading
electrochemical company with its headquarters in Dubai,
announced today that it has been acquired by Hitachi Zosen Corporate
(Hitz), a Japanese giant in the engineering sector, listed on the
Tokyo Stock Exchange. Hitz had revenue of Yen 333.4 billion for year
ending 31st
March 2014.
The
first merger in the sector to see a Japanese firm acquire a Middle
Eastern company will provide Hitz with direct access to the European
and MENA regions, whilst Cumberland will benefit from the wider
product portfolio of Hitz and enhanced financial resources.
Cumberland
will continue operations from its headquarters in Dubai, UAE, and
from its engineering, sales and technical support offices in the UK,
Singapore and India. CEO, Alistair Munro, and the existing Cumberland
management team will remain in place, and no redundancies are planned
following the merger. Cumberland’s clients will continue to receive
top quality services and support whilst also benefiting from its new
global scale and an extended product range.
“We
are extremely pleased to join Hitachi Zosen.” said Alistair Munro,
CEO of Cumberland. “Cumberland was founded in the United Kingdom in
1949
and is
now part of a $4
billion
organisation with vast manufacturing, R&D and commercial
resources. Acquisition
by Hitz provides
excellent synergies and will serve to accelerate our delivery of
innovative and energy-efficient electro-chlorination
services to the power and desalination, water and wastewater
treatment, petrochemical, oil & gas and marine industries”.
“Our
cell technology is the culmination of our dedication to continuing
product development, engineering excellence and quality assurance
procedures. It is the dedication to this quality that has enabled us
to enter into a relationship with a world-class organisation such as
Hitachi
Zosen.”
Hitachi
Zosen
Corporation commented: “Cumberland, with its cutting-edge
electro-chlorination technology, has rapidly established
itself as an industry leader in the growing global power,
oil and gas industry. We have researched the sector globally and
believe that in Cumberland, we have chosen the best partner with
which to bring our products and services to an international market."
Cumberland’s
world renowned PANCLOR™, ELCHLOR™ and NATCHLOR™ brands of
electrolysers and systems are installed in hundreds of locations
throughout the world providing environmentally safe on site
disinfection for a variety of applications. Cumberland electrolysers
are the most efficient in the industry based on advanced coating
technology therefore minimizing the power consumption requirement for
the generation on site of the disinfecting agents. On site generation
by electrochlorination is safe and minimizes the transportation and
storage of hazardous materials such as chlorine gas or the chemicals
required for production of chlorine dioxide.
