Released: 04/05/2010
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Charter International PLC
04 May 2010
4 May 2010
Charter International plc
Charter International plc announces a new JV for Howden in India
Charter International plc ("Charter") announces that Howden, its air and gas handling business, has signed a joint venture
agreement with Larsen & Toubro Limited ("L&T"), a major Indian engineering and construction company, that will give it
greater access to the rapidly growing power generation market in India.
Howden and L&T have agreed to collaborate on projects delivering axial fans and air pre-heaters to the Indian thermal power
generation sector. As part of the joint venture agreement, Howden will license the joint venture for the design,
engineering and manufacture of these products. The joint venture will be 50.1 per cent owned by L&T and 49.9 per cent owned
by Howden. Howden and L&T will each invest £2 million into the joint venture.
Howden products are key components within today's highly efficient power generation plants and will provide Indian power
generation customers with world- class technology and application engineering.
A new £10 million manufacturing facility in Hazira, Gujurat will be opened as part of the joint venture producing axial
fans and rotary air pre-heaters for power plants ranging between 100 MW to 1200 MW. The manufacturing operations are
expected to be ready to start production by 2011.
Howden is the world's leading manufacturer of air and gas handling equipment for use in the power generation industry. On
signing the agreement in Mumbai on 4 May 2010, Howden Chief Executive Bob Cleland said:
"India provides one of the major growth opportunities in the power generation market worldwide over the coming years and
Larsen & Toubro is one of the most respected companies in India. The combination of Larsen & Toubro and Howden in this new
joint venture is a completely natural fit and opens up wonderfully exciting opportunities into the future."
Enquiries
Andrew Fenwick; Sophie Brand, Brunswick +44 (0) 20 7404 5959
Aidan Wallis, Investor Relations +44 (0) 7920 758635
Internet users will be able to view this announcement, together with other information about Charter International plc on
the company's web site www.charter.ie
Notes to Editors
About Charter International
Charter International plc owns two international engineering businesses, ESAB and Howden. Both businesses are established
world leaders in their chosen industries, supplying performance critical products to end-users in many different markets
around the world.
ESAB is a world-leading manufacturer and supplier of welding consumables and equipment, cutting and automation solutions.
Howden is a world-leading international applications engineer. It designs manufactures, installs and services fans, heat
exchangers, compressors and related products for use in the power, oil and gas, petrochemical and other industries.
In 2009, Charter's sales amounted to £1,659.2 million, split broadly between the developed markets of Western Europe and
North America, and emerging markets such as Central and Eastern Europe, Asia and South America.
About Larsen & Toubro
Larsen & Toubro is an $8.5 billion technology, engineering, construction and manufacturing company, with global
operations.
L&T Power, headquartered at Vadodara, Gujarat is a wholly owned subsidiary of Larsen & Toubro, with a mandate to integrate
L&T's varied offerings in the thermal power sector. The company is positioned to combine engineering, manufacturing and
project execution with strong management focus on providing turnkey solutions.
This information is provided by RNS
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