Corporate | 19 February 2007 09:30
Muehlhan AG / Contract
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The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Muehlhan Receives Order for Surface Protection of Gas Liquefaction Plants
in Qatar
Important Step in Implementing Corporate Growth Strategy
Hamburg, 19 February 2007. The Muehlhan Group, the international
specialists for protecting the surfaces of ships and offshore platforms,
bridges and industrial plants against corrosion, has been commissioned to
protect the surfaces of several new liquefaction plants for natural gas
(LNG) when they are built in Qatar.
The experts at Muehlhan won the competition for an order volume amounting
to a total of € 1.4 m due to their experience in industrial surface
protection. Two new plants with an annual production capacity of
approximately 16 million tons of liquid gas will be blasted and coated
within the scope of the work scheduled to begin in spring.
Performance of this challenging work on the respective gas plants will take
place on site in close cooperation with the other trades involved. A
crucial argument for placing the order with Muehlhan was the many years of
experience the company is able to boast in the project management business
as well as its first-class references in the industrial sphere throughout
the world. The Muehlhan Group currently generates approximately 28% of its
sales in the area of industrial surface protection.
'This order represents the first major success of our expansion efforts
into this region,' commented a satisfied Dr. Andreas Krüger, Executive
Board Chairman at Muehlhan AG. 'With its subsidiaries in the United Arab
Emirates and in Qatar, Muehlhan is already represented in the strategically
important market of the Middle East. We see good chances of also developing
the market for the offshore oil and gas business for the Muehlhan Group in
the future through professional work in the area of surface protection of
special land-based constructions and industrial plants.'
Muehlhan is also planning to make further investments in the Middle East.
'This region represents an integral component of our growth strategy. Of
course, we also incurred considerable start-up costs here in 2006, which
will have an impact on our result for the past financial year. However, the
order in Qatar proves that our investments will in fact pay off in the
medium term.' In the financial year 2006, Muehlhan invested a total of €
0.4 m in starting up business activities in Qatar alone and in preparing
the work which is now under way.
About Muehlhan:
The Muehlhan Group is a leading international provider of services for
marine surface protection. The company’s core business activity consists in
applying and renewing coatings that protect against corrosion on structural
steelworks. This includes the protection of steel surfaces on ships as well
as drilling and production platforms for oil and gas. In addition, the
Muehlhan Group operates in the sphere of industrial services, which
includes surface protection for wind power plants, chemical production and
tank batteries as well as steel bridges, cranes and machines. A
patent-protected technology that guarantees particularly high quality and
efficiency when removing old coatings and rust is employed throughout the
world under the brand name 'μ-jet.' Further information can be
obtained at www.muehlhan.com
Ties Kaiser
Investor Relations Manager
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Muehlhan AG
Schlinckstr. 3
21107 Hamburg
Germany
Phone: +49 (0) 40 752 71 156
Fax: +49 (0) 40 752 71 130
DGAP 19.02.2007
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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
WWW: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Indices:
Listed: Freiverkehr in Berlin-Bremen, Hamburg, München, Stuttgart;
Entry Standard in Frankfurt
End of News DGAP News-Service
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