Cumberland, a Dubai-based electrochemical company, announced on Monday that it has been acquired by Hitachi Zosen Corporate (Hitz), a Japanese giant in the engineering sector.
The first merger in the sector to see a Japanese firm acquire a Middle East company will provide Hitz with direct access to the European and MENA regions, while Cumberland will benefit from the wider product portfolio of Hitz and enhanced financial resources, a statement said.
Cumberland will continue operations from its headquarters in Dubai, and from its engineering, sales and technical support offices in the UK, Singapore and India, it added.
CEO Alistair Munro and the existing Cumberland management team will also remain in place, and no redundancies are planned following the merger, the statement said.
"We are extremely pleased to join Hitachi Zosen," said Munro. "Acquisition by Hitz provides excellent synergies and will serve to accelerate our delivery of innovative and energy-efficient electro-chlorination services to the power and desalination, water and wastewater treatment, petrochemical, oil and gas and marine industries."
The Hitachi Zosen Corporation added: "Cumberland, with its cutting-edge electro-chlorination technology, has rapidly established itself as an industry leader in the growing global power, oil and gas industry. We have researched the sector globally and believe that in Cumberland, we have chosen the best partner with which to bring our products and services to an international market."
No value for the deal was disclosed.
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