Swedish engineering group Alfa Laval said on Monday it had agreed to buy Norwegian marine and offshore pumping group Frank Mohn for 13 billion Norwegian crowns ($2.17 billion) in cash.
Frank Mohn, headquartered in Bergen, Norway and with approximately 1,200 employees, posted 2013 sales of 3.4 billion crowns and had an order intake of 6.1 billion.
"The acquisition, which strengthens Alfa Laval's fluid handling portfolio by adding a unique pumping technology, will further reinforce Alfa Laval`s position as a leading supplier to the marine and offshore oil & gas markets," Alfa Laval said in a statement.
It said the acquisition would be positive for earnings per share from the time of completion.
($1 = 5.9970 Norwegian Krones) / Reporting by Simon Johnson