- Quality Industrial (OTCPK:QIND) is a majority owned subsidiary of ILUS International, confirms that on the 18th of January 2023, it signed a definitive Share Purchase Agreement to acquire 52% of Quality International FZC.
- The company delivers turnkey integrated solutions for the Oil and Gas, Energy, Water Desalination, Wastewater and Offshore sectors and boasts an extensive list of reference customers, including the likes of BP, Shell, Total, Chevron, Sonatrach, Sasol, ADNOC and many more.
- The total price for acquisition of the majority stake in Quality International will be up-to $137M paid in six tranche payments with the final three tranche payments conditional upon EBITDA targets being met in 2023 and 2024.
- "Having worked closely with the Quality International management team and personally reviewed the impressive confirmed order books for 2023, I am confident that the company will exceed its growth targets." John-Paul Backwell, QIND CEO.