Duo announces merger with Denbow and deal with Doosan
Tuesday, June 26, 2018 - 11:56
DUO announce a merger with Denbow International at Hillhead 2018
At a press conference on the DUO Group stand, Terry Last, non-executive chairman of both companies, announced the two companies will create a new entity called DUO Group Holdings Ltd.
Mr Last said ‘the merged businesses would have a combined ability to help customers achieve their aims in a very cost-effective manner’.
DUO believe they can broaden the service they offer to their existing loyal customer base and attract new customers and drive solutions.
The new DUO Group will benefit from additional shareholder investment, thereby underpinning its financial security and expansion potential, and allowing it to further improve the performance stability presently offered to both DUO and Denbow customers.
At the same time, DUO also announced a major deal with Doosan, establishing a new company called Seoul Ltd that will sell Doosan machinery to national account customers in quarrying and waste.
Alex Moss has agreed to remain as chief executive officer of DUO Group Holdings, whose headquarters will be in Allesley, Coventry.
The increased support of shareholders is expected to result in more jobs being created.
Mr Moss commented: ‘We have some very ambitious plans which include opening a new workshop in the Midlands for plant maintenance.’
Mr Last added: ‘DUO Group Holdings will embrace markets wider afield as opportunities become more apparent from Brexit. Some of those benefits are expected in Africa.’
DUO Group Holdings expect to achieve turnover of £100 million in their first year.