Ballast HAM Dredging: 'A world-class business'
On Tuesday, 26 June, after the close of trading in Amsterdam, the construction and the dredging groups Ballast Nedam and HBG signed the contract merging their two dredging companies. The merger creates a business with revenues of 635 million euros and a workforce of around 2,000. The company’s name will be Ballast HAM Dredging, and it will rank among the leading players in the international dredging market.
A hopper fleet with a combined capacity of 160,000 m3, including three jumbo hoppers, and a heavy cutter suction dredger capacity of 66,000 kW make the new joint venture world market leader in important segments of the dredging industry. Ballast HAM Dredging will operate on a stand-alone basis, be self-financing and have a strong balance sheet, creating an excellent platform for further expansion of the market position.
During the informative shareholders meeting on 26 June HBG attempted to convince its shareholders that there are substantial advantages to merging the activities of HAM and Ballast Nedam Dredging. However, it became clear that some shareholders did not agree with our view. They advised the meeting that it was to consider legal actions, which has been proceeded in the meanwhile. HBG has every confidence that the outcome of these legal proceedings will be in the Group's favour.
The operational preparations for a rapid and smooth integration are on schedule. The management of Ballast HAM Dredging will be formed by Messrs D. de Waard, chairman [former managing director of HAM and currently member of the HBG Board of Management], A.H. Godri [currently managing director of Ballast Nedam International], J. van Herwijnen [currently chairman and managing director of HAM], A. Kok [currently financial director of Ballast Nedam Dredging] and O.F. Verkerke [currently managing director of HAM].
The procedure for clearing the merger with the European authorities in connection with competition legislation has commenced. The Employee Councils of both Ballast Nedam and HBG have recommended in favour of the establishment of Ballast HAM Dredging.