BACKGROUND: AE&E`s acquisition of Lentjes


Source: ANDRITZ Energy & Environment GmbH

Austrian Energy & Environment signed an agreement to acquire 99% of the German plant engineering company Lentjes GmbH from the listed GEA Group AG yesterday.

After completion of the transaction, which requires clearance from the competition authorities concerned, the company will be included in A-TEC’s Plant Construction Division.

AE&E is acquiring Lentjes for one euro, and will strengthen its capital base by injecting an amount in the lower double digit million euro range. For its part the seller will assume the risks arising from existing projects that have reached an advanced stage of completion.

Following an intensive due diligence review and the seller’s agreement to provide additional securities, AE&E has agreed to assume the opportunities and risks of projects at early stages of completion.

Lentjes, based in Ratingen, Germany, is the plant engineering subsidiary of Germany’s GEA Group AG — an MDAX listed company. The firm designs and constructs turnkey plants, focusing on processes, technologies and components for the fossil fuel fired industrial boilers, biomass fired power plants and waste incinerators. The Company and its subsidiaries have around 320 employees, and in 2006 generated revenue of some EUR 270m.

Lentjes has an excellent reputation in the international power plant construction industry. For AE&E the takeover of Lentjes represents a complementary acquisition, extending the product portfolio of the group’s energy business and providing new resources to underpin continued growth as well as opening up new markets.

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