Cenergy Holdings, the energy arm of Viohalco Group, plans to further exploit any opportunities in the dynamic and growing energy transfer sector, company officials told reporters.
The new company will be the result of a cross-border merger between Korinth Pipeworks Holding Company SA and Hellenic Cables Holding Company SA. Completion of legal procedures is expected by mid-December and the new company, Cenergy Holdings, listed in the Euronext market of Brussels and the Athens Stock Exchange, will offer international benchmark and credibility in international projects and access in international funding. Company officials said they expected the company to secure projects worth 1.5-2.0 billion euros in the coming future, in Europe and the US.
The two merging group turnover surpassed 700 million euros in 2015, while EBITDA was 63 million euros. The merger is expected to create synergies, not yet assessed. The aim of the new copany is to better exploite productive investments made by the two groups in the last few years.
Both Korinth Pipeworks and Hellenic Cables will remain Greek and will continue investing, having their productive activity in Greece, while profits will be taxed in Greece.
International surveys expect a huge increase in demand for electricity power, natural gas and renewable energy sources by 2050. The management aims to create a larger organization, more competitive, more extrovert, with easier access to funding.
Korinth Pipeworks is one of the largest and more advanced steel pipe producers for the oil and natural gas sector, with a global network and sales in more than 40 countries.
Hellenic Cables has a global sales network and established presenc in more than 50 countries.