Aggreko

Aggreko plc is a supplier of temporary power generation equipment and of temperature control equipment.[2] It is headquartered in Glasgow, Scotland, United Kingdom. It is listed on the London Stock Exchange, and is a constituent of the FTSE 250 Index.

Aggreko plc
TypePublic limited company
LSE: AGK
FTSE 250 Component
IndustryGenerator hire
Founded1962
HeadquartersGlasgow, Scotland, United Kingdom
Key people
Ken Hanna, Chairman
Chris Weston, CEO
Revenue£1,613 million (2019)[1]
£241 million (2019)[1]
£129 million (2019)[1]
Websitewww.aggreko.com

History

Aggreko was founded in the Netherlands by Luc Koopman in 1962.[3] It moved to Scotland in 1973, and was acquired by Christian Salvesen plc in 1984.[3]

It was demerged from Christian Salvesen, and first listed on the London Stock Exchange in February 1997.[3] It announced the departure of chief executive Chris Masters in December 2001, as well as cuts.[4] It was awarded a contract to supply a temporary power station to the country of Sri Lanka in October 2003, called the Aggreko Power Station (an arrangement which ended in December 2012).[5]

The company acquired substantially all the activities (other than those relating to large gas turbines) of General Electric Energy Rentals for total consideration of circa US$212m in December 2006.[6] It became the sole supplier for temporary power and temperature controls for the Beijing 2008 Olympic Games in August 2008, and the sole supplier for temporary power for the London 2012 Olympic Games in August 2012.[7][8]

It was also the provider of temporary power for the Glasgow 2014 Commonwealth Games, and air conditioning and power for the 2017 WNBA Finals.[9][10] In March 2012, Aggreko acquired 100% of the operations of Poit Energia, a supplier of power generation equipment in Latin America.[11] In July 2017, Aggreko announced the acquisition of battery storage company, Younicos.[12] With a $200m contract, the company was set to provide equipment for the Tokyo 2020 Olympics, until their postponement.[13]

Aggreko trucks shoreside and Aggreko genset aboard nuclear submarine HMS Trafalgar at the NATO nuclear Z Berth in Southampton Docks, December 2008.

Operations
Aggreko rental chiller (2015)

Aggreko has offices in Western Europe, the United States, Canada and Australia, and smaller numbers of locations in Africa, Latin America, the Middle East and Asia. The items hired out include gas and diesel generators, load banks, heaters, air conditioners and chillers. Aggreko's International Projects business operates out of London from where they can supply power plants to overseas locations.[14] The company also possesses a storage facility in Tokyo.[13]

References
  1. "Annual Report 2019" (PDF). Aggreko. Retrieved 3 March 2020.
  2. "Aggreko confirms £48m contracts". The Scotsman. 10 February 2010. Retrieved 19 August 2010.
  3. "Company History - About Us - Aggreko". aggreko.com. Retrieved 15 March 2015.
  4. "Aggreko announces cuts and departure". The Telegraph. 11 December 2001. Retrieved 18 May 2020.
  5. R. Satyapalan, Franklin (18 January 2013). "Uninterrupted power supply to Jaffna soon: Emergency power supplier Aggreko's contract terminated". The Island. Retrieved 8 November 2015.
  6. "Aggreko buys GE rentals for £111m". scotsman.com. Retrieved 15 March 2015.
  7. Aggreko wins Beijing Olympics Power Contract,
  8. Simon Neville. "Power generators Aggreko profit boost thanks to £55m Olympic contract". the Guardian. Retrieved 15 March 2015.
  9. "Aggreko generate power for 2014 Commonwealth Games". aggreko.co.uk. Retrieved 15 March 2015.
  10. Frederick, Jace (11 September 2017). "Now cooled, Williams Arena ready to host Lynx's playoff run". Pioneer Press. Retrieved 5 October 2017.
  11. Aggreko buys Poit Energia in £140m deal BBC, 26 March 2012
  12. "Aggreko to buy energy storage firm Younicos for £40m". BBC. 3 July 2017. Retrieved 14 March 2019.
  13. Wilson, Bill (22 July 2020). "Tokyo Olympics postponement leaves UK firms in limbo". BBC News. Retrieved 22 July 2020.
  14. "Aggreko wins 5 MW contract in Gujarat". keralamonitor.net. Archived from the original on 2 April 2015. Retrieved 15 March 2015.
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