Egypt’s Hassan Allam Holding (HAH) has acquired a majority stake in German Bioworks AG, a global player in water and wastewater technology, representing a major extension to the former’s offerings and a pivotal expansion into the waste and water industries in the GCC, US, China, Africa, Russia, and CIS countries, Invest-Gate reports.
“Today’s investment by HAH opens joint growth opportunities for both Bioworks and Hassan Allam. As we work together, we expect to further the important role that environmental engineering plays in the world of the industry today,” Co-CEO of HAH Amr Allam was quoted as saying in an official statement on June 10.
The move marks HAH’s first European acquisition, capitalizing on Bioworks’ strong presence in the MENA and African countries, as well as, the US, Germany, and Europe. According to the statement, the founders of the Munich-based company will continue to manage the firm’s operations following the purchasing.
Bioworks’ technology and expertise are poised to add key services to HAH’s existing capabilities in desalination, water purification, and wastewater treatment. This is because the former company is the world leader in the design and construction of large scale, extended aeration process water-treatment systems, having developed over 120 projects in 25 countries worldwide.