Mills Estruturas e Serviços de Engenharia S.A. has reached an agreement to acquire 25 percent of the voting and capital stock of Rohr S/A Estrutura Tubulares for 90 million Brazilian reales (about U.S. $53.8 million). Mills is the largest equipment rental company in Brazil. Rohr specializes in the aerial market, and totaled net revenues of 163 million reales (about U.S. $97 million) in 2009.
The acquisition will enable Mills to broaden its exposure to the infrastructure, residential and commercial construction, oil and gas industries.
Mills earlier this month said its capex budget for 2011 is for 337 million reales (U.S. $201 million), all dedicated to the purchase of new equipment. The company plans to spend R$1.1 billion between 2010 and 2012. Mills plans to open five new rental branches in 2011, which would give the Rio de Janeiro-based company 19 rental locations.