SYDNEY, AUSTRALIA: Parkway Corporate Limited (ASX: PWN, FSE: 4IP), a renowned industrial process technology company, has announced the complete acquisition of Tankweld Engineering Service Pty Ltd and Tankweld Installations Pty Ltd, collectively known as the Tankweld Group.

This acquisition marks a major step for Parkway in enhancing its capabilities in advanced project execution and industrial manufacturing.

The transaction was carried out by Parkway’s subsidiary, Parkway Process Solutions Pty Ltd (PPS), which acquired 100% of the issued capital of both Tankweld entities.

Tankweld, based in Melbourne, is recognized as a leading provider of industrial engineering solutions, offering services from concept and design to workshop fabrication, installation, and commissioning.

With this acquisition, Parkway not only gains strategic capabilities but also positions itself to capitalize on a significant project backlog valued at over $10 million and a robust pipeline of near-term opportunities estimated to exceed $20 million.

The expanded Parkway Group is projected to generate consolidated annual revenues of over $20 million, enhancing its operational scale and leverage.

The financial terms of the acquisition include an upfront cash consideration of $0.65 million, a loan settlement of $1.75 million, and a deferred cash payment of $0.20 million, tied to Tankweld’s future cash flow generation.

Bahay Ozcakmak, Group Managing Director & CEO of Parkway, expressed that the acquisition is transformative for the company’s key business divisions, particularly Parkway Process Technologies (PPT).

“Tankweld’s capabilities in modularisation, fabrication, and project execution are critical for our technology commercialisation objectives and align with our Master Plan outlined last year,” said Ozcakmak.

Parkway’s strategic move is expected to bolster its position in the market and contribute to the national strategic importance of advanced industrial manufacturing.