Toyo acquires IKPT?s shares
Wednesday, February 8 2012 - 01:12 AM WIB
Japan engoneering firm Toyo Engineering Corporation (TOYO) announced on Tuesday that it has acquired 47% of shares of Indonesian major engineering company, PT. Inti Karya Persada Teknik (IKPT).
IKPT, an engineering company founded in 1982, has a lot of experience in EPC projects in the industrial sectors of oil and gas, petrochemical and chemical such as fertilizer, and infrastructure, including offshore development, LNG, and geothermal power generation. Having maintained relations for over 20 years since the first collaboration in EPC of fertilizer plant, TOYO and IKPT are now jointly undertaking construction of the large-scale fertilizer plant in Indonesia.
?TOYO has decided to invest in IKPT in accordance with its group strategy of expanding and reinforcing the regional EPC network among emerging countries and in consideration of the potential of Indonesia. TOYO?s investment in and enhancement of collaboration with IKPT will expand business in Indonesia of both of TOYO and IKPT with their technologies, know-how and human resources shared by each other. TOYO expects IKPT to be a partner in its project operation out of Indonesia,? the company said.
According to TOYO, IKPT was awarded new orders of US$430 million in 2011.
Editing by David Mustakim