- The Group acquired 70% of Morelco’s shares of stock in December 2014.
- Morelco S.A.S. has a track record of 37 years of experience and presence in Ecuador and Colombia.
In December 2014 and after a successful round of negotiations, the Graña y Montero Group closed on the purchase of 70% of the capital stock of Morelco S.A.S., a Colombian company specializing in civil works, electromechanical assembly, and services for the oil, gas and energy industries.
With a track record of 37 years of experience and presence in Ecuador and Colombia, Morelco S.A.S. is a leading company in construction and electromechanical assembly services. Specializing in the oil and gas, energy, water and sanitation industries, it is involved in some of the most important oil and gas projects in the countries where it operates.
In this respect, Mario Alvarado Pflucker, CEO of the Graña y Montero Group, pointed out: “Due to the track record, similar values, people-focus and strategic vision shared by both companies, this new acquisition is undoubtedly one of the most significant milestones in the internationalization strategy of the Graña y Montero Group, increasingly drawing us closer to becoming the most reliable Engineering and Infrastructure services group in Latin America.”
The experience of the Graña y Montero Group added to the experience of Morelco and the human capabilities of both companies make the Group a highly specialized choice, allowing it to boost its participation in key industries, such as oil and gas, in Colombia and Latin America. Morelco has been incorporated into the Group’s Engineering and Construction business area.
Morelco S.A. was founded in 1977 in the city of Cali, Colombia, as a company focusing on the electricity industry. In 1994, it entered the hydrocarbon industry, taking on numerous projects that consolidated its position nationwide. In 2012, it began operations in the Ecuadorian market, thereby driving its regional growth.
At present, its business portfolio exceeds US$500 million and the company is engaged in projects including Polyduct Maintenance in Western Colombia, the Acacías Production Water Treatment System, the Esmeralda Refinery in Ecuador, the Termotasajero power company in Colombia, and Modifications to Cartagena Tanks.
More information: http://www.morelco-sa.com/