Toyo Engineering Corp. on Feb. 7 said it has acquired 47 percent of the shares of major engineering company PT. Inti Karya Persada Teknik (IKPT) in Indonesia.
IKPT, founded in 1982, has a wealth of experience in engineering, procurement and construction projects in the industrial sectors of oil and gas, petrochemical and chemical such as fertilizer. It has also handles infrastructure projects, including offshore development, LNG and geothermal power generation.
Toyo and IKPT, which have maintained a good relationship for over 20 years, are now jointly undertaking construction of a large-scale fertilizer plant in Indonesia.
Toyo said it decided to invest in IKPT as part of its group strategy of expanding and reinforcing the regional EPC network among emerging countries and in consideration of the growth potential of Indonesia.
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