Greensboro, NC, June 12, 2018 (GLOBE NEWSWIRE) -- GREENSBORO, N.C. – June 12, 2018 – Gilbarco Veeder-Root has signed a definitive agreement to acquire the assets of Midco Limited, subject to customary conditions to closing. Headquartered in Mumbai, India, Midco designs and manufactures fuel dispensers and related fueling station equipment. Midco has a demonstrated track record of fit for purpose engineering products and quality service across India. Midco will integrate with GVR’s India operations, led by the current GVR Managing Director for India, Vivek Bhide.
The acquisition signals Gilbarco’s commitment to expanding its footprint in this key market. “India is a very important market for us as it continues to grow, deregulate and adopt technology to improve efficiency and protect the environment,” said Aaron Saak, President of Gilbarco Inc. “Over time we plan to increase the full breadth of the GVR product portfolio and integrated automated solutions to the market in India. This large installed base of equipment, combined with the remote monitoring and software capabilities, through the recent acquisition of Orpak, puts us in a good position to drive network visibility, digitization and operational efficiency across the fueling sector. We are excited to make this additional investment locally to continue to drive improvements in the way we meet our customers’ expectations.”
Midco will become part of GVR’s India operations post-closing. Closing is expected to require approximately 3 months due to statutory requirements.
ABOUT GILBARCO VEEDER-ROOT
Gilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations. It offers the broadest range of integrated solutions from the forecourt to the convenience store and head office. For more than 150 years, Gilbarco has earned the trust of its customers by providing long-term partnership, uncompromising support and proven reliability. Gilbarco supports the business goals and maximizes the bottom lines for 19 of the top 20 convenience store operators in the U.S. For more information, please visit www.gilbarco.com.
ABOUT MIDCO LTD
Midco Limited, the flagship company of Midco Group, is in the business of engineering and manufacturing fuel dispensing systems and other ancillary (fuel) service station equipment. Midco’s core expertise is in designing high-precision, durable, safe and user-friendly products that enable service stations to function efficiently with satisfied customers and owners alike. The company’s service division operates under the brand name Oilco, and has been envisaged as a natural extension for the product division’s customer base.