Apr. 7. 2008
Marubeni Corporation (Marubeni) is pleased to announce that it has successfully completed the acquisition of 100% equity shares of The PIC Group, Inc.(“PIC”), based in Georgia, USA .
Founded in March 1988 with its corporate headquarters in Marietta (Atlanta), Georgia, PIC is an independent global provider of services and programs focused on Power Generation and other industrial facilities. PIC’s services span the entire project life cycle with particular emphasis on Field Service Maintenance & Repair, specialty boiler and turbine installations, turnkey Start-up & Commissioning, and complete O&M services including technical documentation & training. PIC operates offices in North America, Europe, South East Asia, and South America and proudly delivers services to a variety of customers including major power utilities and Original Equipment Manufacturers (OEMs) alike.
Marubeni and PIC began their formal relationship through the formation of a joint venture company called PIC-Marubeni Energy Group LLC (“PMEG”) in 2005 to capitalize on the O&M market as a first step, and now Marubeni has decided to increase its focus on power after-market services in addition to its current core businesses; EPC and IPP. Marubeni believes that expansion of its core businesses and value chain can provide a full range of competitive services to meet every customer’s demands.
PIC’s experiences and capabilities can provide a variety of services to meet US market demand where the existing generation facilities are aging and utilities and IPPs are planning to build new power stations. Marubeni has supplied approximately 77,800 MW as EPC contractor in the aggregate, and owns IPP assets of approximately 6,600 MW (Net Capacity) throughout the world. Marubeni believes that the Marubeni/PIC combination can provide a broader range of services and allow for the pursuit of power business more actively through a world-wide sales network.