COMPANY PRESS RELEASE: ITOCHU International has announced it has reached an agreement to acquire the North American Energy Services Company the world’s largest independent power generation operation and maintenance company.
Headquartered in Issaquah, Washington, NAES was originally formed to serve the generation industry in the Pacific Northwest. Today, NAES works at 23 locations throughout the Americas and the Caribbean, has annual revenues exceeding $80 million, and operates the broadest range of technologies, fuels and operational modes in the industry. In addition to its leading position in power plant operations and maintenance, NAES and its subsidiaries employ nearly 500 and provide technical services, training, plant assessments, maintenance and repair services, switchyard and substation design and installation.
ITOCHU will expand NAES’ competitive reach across the Americas, to Asia and Europe. As an A&P area for ITOCHU Corporation, ITOCHU International has developed a strategy of growing its business by investing in key North American areas. This acquisition enables us to enter the power generation O&M industry, an area we’ve identified as important to future growth, said ITOCHU International President and CEO Yoichi Okuda.
The acquisition will also augment the repair, maintenance and overhaul work currently performed by ITOCHU’s industrial services subsidiary, Enprotech Corp.
We are pleased with ITOCHU’s acquisition and are excited about our new global growth prospects. NAES has earned an outstanding reputation for customer satisfaction and our ability to deliver results, and we expect that our new relationship will enhance our position. We look forward to accelerating our business strategies and realizing the long-term benefits associated with an expanded presence in the power generation industry, says Ken Seliger, president and chief executive officer of NAES.