BAUER Aktiengesellschaft

EANS-News: BAUER acquires majority of Site Group for Services and Well Drilling Ltd. Co. ("SITE Group")

. Support of the BAUER Resources segment . Expansion of business activities in the field of deep drilling technology for deep well- and exploration drilling . Acquisition of 60 percent of the Jordan market leader for exploration and well drilling

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merger, acquisition and takeover

Schrobenhausen (euro adhoc) - BAUER Aktiengesellschaft has come to a definite agreement with the general owner of Site Group for Services and Well Drilling Ltd. Co. ("SITE Group"), Rami Wahdan Oweis, to acquire 60 percent of SITE Group's shares.

SITE Group operates high-capacity deep drilling rigs for the oil-and gas industry, for well drilling and for the exploration of mineral deposits. The medium-sized company, based in Amman, Jordan, takes in a good position in the Middle East market and is very successful in the neighbouring regions.

Therefore, Bauer strengthens the business division Resources as a competence centre for the whole deep drilling sector. For the future, Bauer will have considerable synergy potentials in the whole group which will be represented by both, the new deep drilling rigs TBA 300 and TBA 200 which are built by the BAUER Equipment segment, and the high-capacity well drilling rigs of PRAKLA Bohrtechnik GmbH.

Thomas Bauer, Chairman of the board of the BAUER Group, says: "Taking over SITE Group, we will extend our service range in the field of deep drilling technology and water wells. SITE Group shows long lasting customer relations in the Jordan water industry. Furthermore, SITE Group has gained experience in drilling for oil and gas over many years and has many worthy contacts to nearly all world leading companies in the oil and gas sector. This strong market position will relieve the market development for us as this will partly be a new field of activity."

The profitable Jordan based group of companies achieved an annual turnover of around EUR 20 million with about 190 employees in the past financial year. SITE Group as well as its subsidiaries and branches are represented in Palestine and in Yemen.

The parties agreed to keep contract details as well as the purchase price confidential.

About Bauer

Bauer is a provider of services, machinery and ancillary products in the earth- working and ground-water fields. The Group markets its products and services all over the world. Its global spread allows it to remain largely unaffected by fluctuating business cycles.

The operations of the Group are divided into three segments: Construction, Equipment and Resources. The Construction segment carries out specialist foundation engineering work all over the world, developing foundation and excavation projects as well as providing related construction services. In its Equipment segment, in which it is the world market leader, Bauer offers an extensive range of machinery, equipment and tools for specialist foundation engineering. The Resources segment encompasses the Group's operations in the exploitation of raw materials, in environmental technology, in geothermal drilling operations and also in equipment for wells (including pumps and drills, screens and casings).

Bauer profits greatly from the collaboration between its three separate segments, enabling the Group to position itself as an innovative, highly specialized provider of complete solutions and services for demanding projects on the specialist foundation engineering and related markets.

Founded in 1790, Bauer today generates more than two thirds of its total revenues outside of Germany. Employing some 8,600 people, the Group's total revenues in 2008 were EUR 1.53 billion (previous year: EUR 1.2 billion). BAUER Aktiengesellschaft has been listed on the official market of the Frankfurt Stock Exchange since July 4, 2006 (Prime Standard, ISIN DE0005168108).

end of announcement                               euro adhoc

Further inquiry note:

Bettina Mestenhauser
Head of Investor Relations
Telefon: +49(0)8252 97 1918

Branche: Construction & Property
ISIN: DE0005168108
WKN: 516810
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

Original-Content von: BAUER Aktiengesellschaft, übermittelt durch news aktuell

Weitere Meldungen: BAUER Aktiengesellschaft

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