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Danish electrical engineering specialist ProCon Group and Norwegian company Hyndla have completed an all-share merger to form an integrated electrical solutions provider targeting the offshore wind industry, IWS Services, the 75-per-cent-owner of ProCon said on 5 January.
The combined business will operate under the parent company brand. Following the transaction, IWS Services, the offshore wind services arm of Integrated Wind Solutions (IWS), holds 52.5 per cent of the new entity and all voting rights.
According to IWS, the merger brings together ProCon’s electrical solutions for transition pieces (TPs) and offshore substations within the offshore wind industry, and Hyndla’s solutions in electrical engineering and cable management designs.
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The combined entity will integrate low-voltage electrical engineering and high-voltage cable management with project management and installation services to offer comprehensive electrical solutions for TPs and offshore substations, IWS said.
The company said the combination is designed to industrialise and streamline delivery of electrical scope work, improve project execution, and address demand for scalable supply-chain partners in a competitive offshore wind market.
The combined company is targeting more than doubling revenues by 2030 versus 2025 levels.
Henrik Stamer, CEO of Hyndla, will be appointed Managing Director of the combined entity.