Muehlhan AG

M&A Activity • Mar 19, 2008

News Details

Corporate | 19 March 2008 09:57

Muehlhan AG: Muehlhan acquires companies in Dubai and Abu Dhabin

Muehlhan AG / Strategic Company Decision/Miscellaneous

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Muehlhan acquires companies in Dubai and Abu Dhabi

Hamburg, March 19, 2008. The Muehlhan Group (Entry Standard; ISIN
DE000A0KD0F7) has acquired two companies in the United Arab Emirates:
Procon Emirates LLC headquartered in Dubai and its affiliate with the same
name in Abu Dhabi are regional market leaders for the surface coating of
steel constructions with passive fire protection. Last year both companies
together generated revenue of about EUR 5 million with about 120 employees.

Fire protection, which is to be applied exactly like corrosion protection
coating, is used whenever steel constructions must demonstrate increased
durability in case of fire, thus safeguarding escape routes. This applies
particularly to the petrochemical industry, building construction, and
offshore platforms. 'Precisely in these areas the United Arab Emirates
offer tremendous potential,' said Dr. Andreas Krüger, Muehlhan’s CEO. 'Due
to the high degree of synergies with the traditional corrosion business,
which Muehlhan until now has conducted primarily from Qatar, we view the
acquisitions as a further step toward opening the Middle Eastern market.'
Operating procedures and human resources are identical for both areas.
Combined with joint marketing, these factors should enable accelerated
market penetration in Qatar and the United Arab Emirates. 'Demanding
customers therefore have one single point of contact and can be advised on
comprehensive solutions regarding surface protection by Muehlhan,'
commented Krüger.

Muehlhan already has achieved initial success from offering a combined
range of services. In Dubai Muehlhan was awarded a partial contract for the
construction of a new major airport, and in Qatar it won a fire protection
contract for a gas processing plant, for which Muehlhan already provides
corrosion protection. Both contracts together represent revenue of about a
half million euros.

About Muehlhan:
The Muehlhan Group is a leading world provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. They include steel surfaces of
ships and of oil and gas rigs and platforms. The Muehlhan Group is also
active in the Industry Services segment, which, besides scaffolding for
marine and industry customers, includes surface protection for wind
turbines, chemical production plants, and fuel storage depots, steel
bridges, cranes, and machinery. The company’s patented technology
brand-named μ-jet® guarantees especially high quality and efficiency
in the removal of old coatings and rust, particularly in the open sea.
Muehlhan was established in Hamburg in 1881 and employs some 2,300
employees in almost 40 subsidiaries around the world. In 2007 the company
generated revenue of EUR 197 million (IFRS), according to preliminary
figures. For further information visit www.muehlhan.com.

Press contact:

Ties Kaiser
Muehlhan AG
Phone: +49-40-75271-156
Email: kaiser@muehlhan.com

Photo material can be send upon request!

19.03.2008 Financial News transmitted by DGAP

Language: English
Issuer: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt

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