31 January 2015
Press Release: Lamor Announces Investment in Ecuadorian Service Company Corena
Lamor Corporation Ab made a significant investment in the Ecuadorian environmental service company, Corporación para los Recursos Naturales Corena S.A. (Corena). Lamor purchased a minority shareholder position in the initial stage of the venture partnership with the prospect of becoming a majority owner. This key acquisition is part of Lamor’s progressive growth strategy that focuses on the development of global services and advanced environmental solutions, including soil and water treatment and remediation.
“The recent investment in Corena enables Lamor to take a significant step forward in strengthening its global and local service faculties,” says Fred Larsen, President and CEO of Lamor Corporation.
The expansion of Lamor’s core business is essential to meet the demands of the market and Lamor’s mission to increase its capabilities to provide environmentally sound and commercially viable solutions for current and future clients. Lamor has responded to the market demand for industrial waste treatment and land remediation by pioneering the testing of advanced waste technologies and implementing these solutions into start up and existing networks. By expanding knowledge, expertise, and services through new partners and distributors Lamor has been able to develop these services locally and globally.
“Ecuador has very strict environmental legislation due to vast expanses of environmentally sensitive areas and its historical burden of environmental disasters. Corena and Ecuador will provide optimal conditions to improve our progressive soil treatment technologies such as the non-additive Lamor Eko/Grid methodology. Land remediation demonstration projects have shown highly successful results not only in Ecuador but also in Colombia, Turkey, and China. Established and future remediation projects in Ecuador can easily be replicated and implemented globally as they meet the highest remediation standards,” Larsen adds.
The recent establishment of the new business division, Lamor Soil & Water, in combination with this investment, will significantly strengthen the operational capabilities and remediation services provided by Lamor. Larsen highlights, “Corena’s experience with remediation services will provide Lamor with a solid foundation to perform remediation service projects locally and worldwide. Ecuador will also be an excellent location for a new Lamor hub in Latin America increasing Lamor’s global capabilities while providing support to recently established service operations in Peru.”
Santiago Gonzalez, General Manager of Corena S.A, says, “The investment from Lamor will enable Corena to make significant improvements in current and future operations to establish new environmental treatment centers, enhance its current centers and increase contingency equipment stockpiles in Ecuador. The partnership with Lamor will also allow us to introduce innovative and advanced technologies that have significant business potential to Ecuador and neighbouring countries.”
“We are currently working on several very interesting prospects in Ecuador and we are expecting that this investment shall have a significant impact on Lamor’s future growth,” adds Mika Pirneskoski, Sales and Development Director of Lamor’s Soil & Water division.
For further information, please contact:
CFO, Lamor Corporation AB
Tel: +358 40 700 1917
Lamor Soil & Water Sales & Development Director
Tel: + 55 219 7456 5303
General Manager, Corena SA
Tel: + 593 997 892 729
Lamor (Larsen Marine Oil Recovery) Corporation provides solutions for optimal oil spill prevention, response, recovery, and remediation. Over the past three decades, Lamor has developed, manufactured, and supplied the most efficient and effective oil spill response technology worldwide. Lamor focuses on supplying the highest quality of innovative prevention and recovery equipment and providing services for contingency planning, risk assessments, equipment maintenance and servicing, response training, and oil spill response support. Lamor has over 110 employees located primarily in Finland, China and the USA with regional operations in Brazil, Oman, Peru, Russia, Turkey, and the UK. The continuous development and strengthening of Lamor’s current market position has resulted in the recent expansion of the range of services that Lamor provides in addition to our core business. These services include land remediation, drilling waste treatment, pipeline safety, and industrial solutions, along with an increase of local presence in locations where these solutions are needed.
Corena (The Corporation for Natural Resources, SA CORENA) established in 1983, is an Ecuadorian equipment company mainly focused on the oil and gas industry and the environmental sector. Originally the company focused its action on the provision of equipment and materials for various industries with emphasis on the oil sector but then expanded its services in 2004 to include environmental services. Committed to the development and sustainability of the country, Corena identified the need for an increase in environmental protection and pollution solutions and expanded its range of services to meet these needs. The company is committed to customer satisfaction, prevention of environmental pollution, workplace safety, and occupational health. Corena’s employs over 100 people in Ecuador and has been working jointly with Lamor for the past 10 years.