Mico Group (059090) is acquiring a global energy equipment engineering company, establishing an integrated energy platform spanning power generation equipment core technology, project execution, and next-generation eco-friendly energy solutions.
Mico announced Wednesday that its subsidiary Hyundai Power Systems (HPS) has signed a share purchase agreement (SPA) to acquire a 100% stake in NEM Energy B.V., a Dutch global energy equipment engineering company. The transaction is expected to be finalized in the third quarter of this year following approval procedures by relevant authorities.
The deal is part of Mico Group's strategy to strengthen its energy business portfolio. By combining HPS's world-class manufacturing competitiveness with NEM Energy's design and engineering core technology, the group has secured differentiated competitiveness in the global power generation equipment market.
NEM Energy is a global energy equipment specialist founded in 1929. Based on technological expertise accumulated over approximately 100 years, the company possesses world-class engineering capabilities in heat recovery steam generators (HRSG), a key facility for combined-cycle power generation, as well as exhaust and diverter systems (EDS), gas turbine emission reduction equipment (T-SCR), and heat exchangers (HXR). In particular, it has built long-standing partnerships with global gas turbine manufacturers and power generation operators, and has secured high brand recognition and technological credibility in major markets including Europe, North America, and the Middle East.
HPS has built competitiveness in the power generation equipment manufacturing field based in Korea, China, and Vietnam. In particular, its Yantai subsidiary in China (YHHI) has been recognized for industry-leading manufacturing capabilities based on superior quality and price competitiveness in the global HRSG market.
Through synergy between the two companies, Mico Group will secure an integrated Design-to-Delivery HRSG platform capable of handling the entire process from design and engineering to manufacturing, supply, and commissioning of power generation equipment. The group's affiliates Plantec and Mico Power possess competitiveness in EPC (engineering, procurement, and construction) and next-generation energy technology, respectively. Through this, the group is expected to provide more competitive integrated solutions to global EPC firms and major gas turbine customers.
"This acquisition will be an important turning point in the global growth strategy of Mico Group and HPS," HPS CEO Ha Tae-hyung said. "By combining NEM Energy's world-class engineering capabilities with HPS's manufacturing competitiveness, we will grow into a powerful energy platform company leading the global HRSG market."
