Altrad Completes FRP Acquisition

Media Release

Singapore – Altrad Services (Altrad or the Company) is pleased to announce the completion of
the acquisition of FRP Products Co Pte Ltd (FRP).
Altrad announced the proposed acquisition of FRP, a Singapore based national business, in
January 2022 as part of the Company’s strategy to grow in the Asia-Pacific region through an
expanded service offering and physical footprint.
FRP (around 300 people) is one of Singapore’s leading corrosion protection specialists with a solid
50+ Year reputation that is synonymous with one-stop total quality services. Incorporated in 1970,
FRP Products Co. Pte Ltd provides comprehensive solutions in the field of industrial protective
coatings and lining applications, delivering in-house and niche end-to-end solutions in
construction, maintenance and asset integrity services to the Petrochemical, Pharmaceutical, oil
and gas, energy, water, infrastructure, and resources sectors. Altrad identified FRP as a significant
value-adding opportunity for the Company’s client base and service offering.

The acquisition of FRP adds operations and clients across Singapore, FRP’s CEO James Goh
and COO Loh Lock Mun will continue to lead the business and join Altrad’s Singapore Leadership
Team, headed-up by Jason King.

Commenting on the successful FRP acquisition, Altrad Group CEO Ran Oren said:
“We are very excited to welcome James, Lock Mun and their colleagues to the Altrad family.
Throughout the acquisition process we have been impressed with their professionalism and strong
values, which makes us all the more confident in their ability to integrate seamlessly with our
teams. The combination of Altrad Services and FRP will deliver opportunities for staff and value to
our clients, further strengthening our presence in Singapore.”

Commenting on the successful FRP acquisition, Altrad Services Asia-Pacific CEO Neil
Sadler said:
“The acquisition of FRP marks a significant development for Altrad’s Asia-Pacific business and will
deliver a value-accretive step change in the scale and diversity of our company’s capability and
service offering. The FRP deal underscores that Singapore and the broader Asia-Pacific region
are key pillars of Altrad’s global growth strategy.
We see enormous value and potential in combining FRP’s highly professional team and their
skills into Altrad’s industry leading capabilities, particularly in the anti-corrosion specialist
services sector.
The overwhelmingly positive initial feedback from both our and FRP’s clients – and prospective
clients – underscores our strong belief that this acquisition is well-timed to deliver value for all
stakeholders.”

Altrad Services is part of the Altrad Group, a global leader in industrial maintenance services,
delivering high value-add services to clients in multiple sectors, including oil [&] gas, energy, power
generation, process, environment and construction. Privately owned and headquartered in France,
Altrad employs around 52,000 people globally including approximately 1,200 across Singapore.

Ends