PALADIO ACQUIRES WESTEC ENGINEERING SERVICES
The Directors of Paladio Group Limited are pleased to announce that an agreement
has been reached to purchase the business and assets of Westec Engineering Services
Pty Ltd (Westec). Westec is a long-established Victorian-based engineering business
providing maintenance and workshop services to the industrial sector, particularly in
the Altona and greater Geelong industrial areas.
This acquisition by Paladio augments its geographical base in line with the stated
strategy of providing maintenance services across Australia. Westec will trade as a
division of McFee Maintenance and will continue to serve its suite of blue chip clients
which includes Exxon Mobil, Shell, Dow Chemicals, Tenix, CSR, Coogee Energy,
Worley and Kellogg Brown & Root, as well as expand into the Latrobe Valley and
other industrial areas.
Westec was established over 20 years ago and has a history of profitable trading. It is
forecasting turnover of approximately $3 million in 2006/07, it holds quality
accreditation to ISO 9001:2000, and its current management and workforce will be
retained, including its founder, Matt Ritchie.
Paladio has acquired Westec for $350,000 cash plus a share of the profits to be made
by the Westec business in the 12 months period following settlement.
Paladio’s intention is to rapidly expand its maintenance division and Westec will
provide an ideal base to do so in Victoria.
Settlement of this acquisition is expected to occur within the next few days.
For more information about this announcement or Paladio Group Limited generally, please
contact:
Mr. Rob Franco, Chief Executive Officer, or Mr. Len Troncone, Chief Financial Officer, on
08 9262 9999
PDO
paladio group limited
