With the deal, ALEC will add to ‘significant assets’ held by Target Engineering, which include an 11,000 strong workforce, over 30 marine vessels and 52,000 square meters of ‘API/ASME-certified manufacturing facilities’. The transaction also includes Target’s controlling stake in IDROTEC SRL, an Italian marine design engineering firm.
Target Engineering will continue to operate independently, while ‘leveraging the skills and resources of the wider ALEC group’. Last year too, ALEC was in the M&A space by tying up with BUTEC.
We will now benefit from the strong financial position and world-class leadership and project execution capabilities of ALEC. This will give a boost to our ambitious growth plans in the Middle East as we can now provide best-of-breed EPC and specialist marine services to a wider segment of high-profile regional entities.
Chausi Yasin, CEO, Target Engineering
Established in 1975, Lakshya operates four specialized divisions – Mechanical Oil & Gas, Electrical, Civil and Marine. Projects to which it is linked include ENEC’s Barakah Nuclear Power Plant, ADNOC Gas Processing’s Ruwais LNG terminal, Saudi Aramco’s Abqaiq plant and ENOC’s Jabal Ali refinery expansion.
Current projects include Borouge 4 and Delma B in joint ventures for ADNOC and IGDC for ADGAS.
ALEC CEO Kage Taylor said, “Bringing Target Engineering into our fold is a step that plays to both of these objectives as their specialist skills in oil and gas, energy – including renewables, marine and industrial construction – ALEC fully enhances its capabilities. , “This will enable us to present an even stronger combined value proposition to customers.”