Mining Services Specialist Stracon Group Acquires Ameco South America from Fluor Corp.
Stracon Group, a mining services group focused on North and South America, majority owned by global asset manager Ashmore Group plc, has expanded its geographic reach and service offerings into Chile, the world’s top copper producer, through the acquisition of Ameco South America from Fluor Corp. Terms of the transaction were not disclosed.
Ameco is an equipment rental business that manages a fleet of approximately 1,000 specialty assets that are used by mining sector clients. Ameco’s business is concentrated in Chile where it serves a portfolio of clients that include significant copper producers such as Antofagasta Minerals, BHP, Capstone Copper, Codelco and Lumina Copper. In addition to being the world’s top copper producer, Chile has the world’s largest copper and lithium reserves, both of which are critical to the global energy transition. The client relationships developed by Ameco over its 29-year history represent a platform from which Stracton can significantly expand its presence in Chile.
“I want to welcome to Stracon the 1,365 people that have all worked tirelessly to establish Ameco as a trusted service provider to the mining sectors of both Peru and Chile,” said Steve Dixon, CEO, Stracon Group. “The acquisition will add both scope and scale to Stracon’s operations, increase revenues by approximately 25 percent, add new service lines and geographies, and be immediately accretive to earnings. The acquisition will not only strengthen our ability to bid on major projects in the region, but also further diversify our revenue streams. We are abundantly aware of how important Ameco’s experienced leadership team and the continued commitment of Ameco’s employees are to delivering client success and achieving the cross-selling synergies that are possible.”
Stracon Group delivers innovative mine technologies and solutions to mining companies operating across the region including in Canada, United States, Mexico, Colombia, Ecuador, Peru and Chile. The company serves as a bridge between its mining clients and local communities to support the responsible production of minerals that are critical to the global supply chain and energy transition. Headquartered in Toronto and Lima, Peru, Stracon Group’s operating companies include Stracon, Dumas and Stracon Technologies.
