the announcement of its administration<\/a> due to insurmountable money problems, including around $630 million in debts.<\/p>\n\n\n\nThe company saw a massive 60 per cent share wipe out in August last year and by the time of its administration its value hovered around 85\u201387 cents, down from $2.12 at the end of July.<\/p>\n\n\n\n
In particular, the company suffered severe financial issues related to several failed solar farm investments \u2014 two Queensland solar projects saw a combined write down of $57 million, for example.<\/p>\n\n\n\n
Despite this, EGL has cited RCR Energy Service\u2019s \u201cstrong track record of profitability\u201d as an attractive quality of the acquisition.<\/p>\n\n\n\n
The company generated $21.5 million in sales and $1.5 million in earnings before interest and tax (EBIT) in the 2018 financial year.<\/p>\n\n\n\n
RCR Energy Service\u2019s senior management team will transfer to EGL once the acquisition is complete and the company will operate under the name Tomlinson Energy Service.<\/p>\n\n\n\n
\u201cEGL will continue to pursue new growth and acquisition opportunities that fit our environmental platform,\u201d EGL chairman Lynn Richardson said.<\/p>\n\n\n\n
\u201cThis will provide existing and new shareholders with the benefits of investment in a company committed to reducing pollution and the effective use of world resources.\u201d<\/p>\n\n\n\n
EGL did not reveal the cost of the acquisition at the request of McGrathNicol, but this information should be made available by the end of January. The acquisition will be funded by EGL\u2019s existing debt facilities.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Environmental Group Limited (EGL) has secured a deal to purchase RCR Tomlinson subsidiary RCR Energy Service. Melbourne-based EGL is dealing with the beleaguered engineering group\u2019s administrator McGrathNicol to make the acquisition, which should be completed within the next week. RCR Energy Service\u2019s primary focus is on commercial gas and steam boilers, as well as … Continue reading “RCR finds buyer for energy division”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[],"class_list":["post-3211","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-PN","jetpack-related-posts":[{"id":3298,"url":"https:\/\/yinghuiinternational.com\/index.php\/2019\/02\/15\/nrw-grows-business-after-finalising-rcr-acquisitions\/","url_meta":{"origin":3211,"position":0},"title":"NRW grows business after finalising RCR acquisitions","author":"yinghui","date":"February 15, 2019","format":false,"excerpt":"NRW Holdings head Jules Pemberton says the company has received \u201cpositive engagements\u201d from clients following its acquisition of two RCR Tomlinson companies. The contractor, which today reported it had finalised the deal,\u00a0announced last month\u00a0that it was purchasing RCR Mining and RCR Heat Treatment for $10 million as part of RCR\u2026","rel":"","context":"In "Clients"","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3163,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/12\/04\/rcr-tomlinson-administrators-reveal-debts-of-up-to-630m-from-collapsed-engineering-firm\/","url_meta":{"origin":3211,"position":1},"title":"RCR Tomlinson administrators reveal debts of up to $630m from collapsed engineering firm","author":"yinghui","date":"December 4, 2018","format":false,"excerpt":"By\u00a0Kathryn Diss Updated\u00a0Tue at 12:20am PHOTO:\u00a0RCR Tomlinson creditors are owed hundreds of millions of dollars.\u00a0(ABC News: Glyn Jones) RELATED STORY:\u00a0It was a collapse that stunned many \u2014 so what went wrong for RCR Tomlinson? RELATED STORY:\u00a0'It's going to destroy Christmas': Workers lose thousands after RCR collapse RELATED STORY:\u00a0Engineering firm goes\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"A line of about 30 people holding takeaway coffees and folders.","src":"https:\/\/i0.wp.com\/www.abc.net.au\/news\/image\/10577566-3x2-700x467.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.abc.net.au\/news\/image\/10577566-3x2-700x467.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.abc.net.au\/news\/image\/10577566-3x2-700x467.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.abc.net.au\/news\/image\/10577566-3x2-700x467.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1745,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/08\/16\/rcr-win-rio-tinto-iron-ore-contract\/","url_meta":{"origin":3211,"position":2},"title":"RCR win Rio Tinto iron ore contract","author":"yinghui","date":"August 16, 2016","format":false,"excerpt":"RCR Tomlinson\u00a0(http:\/\/www.rcrtom.com.au\/) has been awarded a contract to provide materials handling systems at Rio Tinto\u2019s Silvergrass mine. The contract, valued at $120 million, sees RCR provide a crusher and conveyor systems. It includes the engineering, procurement, and construction of a new primary crusher, nine kilometres of overland conveyors, and associated\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2121,"url":"https:\/\/yinghuiinternational.com\/index.php\/2017\/01\/19\/rcr-tomlinson-secures-epc-contract-at-pilbara-lithium-project\/","url_meta":{"origin":3211,"position":3},"title":"RCR Tomlinson secures EPC contract at Pilbara lithium project","author":"yinghui","date":"January 19, 2017","format":false,"excerpt":"Lithium developer Pilbara Minerals has awarded an engineering, procurement and construction (EPC) contract at the Pilgangoora project in Western Australia to RCR Tomlinson. The contract, worth a maximum\u00a0$148 million, involves\u00a0the EPC of Pilgangoora\u2019s two million tonnes per annum lithium-tantalum processing plant, including wet-and-dry circuit with concentrator, associated plant and commissioning\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3165,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/11\/22\/subbies-call-for-overhaul-of-system-to-protect-themselves-from-corporate-failures\/","url_meta":{"origin":3211,"position":4},"title":"Subbies call for overhaul of system to protect themselves from corporate failures","author":"yinghui","date":"November 22, 2018","format":false,"excerpt":"Australia\u2019s subcontractors are demanding the government legislate on how building firms structure bank accounts amid claims that corporate failures in the construction sector are causing a \u201ccrisis\u201d and leaving suppliers without payments. The Australian Subcontractors Association (ASA) demands that the Federal government take swift action to protect suppliers who are\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.insideconstruction.com.au\/wp-content\/uploads\/2018\/11\/subcontractors.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.insideconstruction.com.au\/wp-content\/uploads\/2018\/11\/subcontractors.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.insideconstruction.com.au\/wp-content\/uploads\/2018\/11\/subcontractors.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.insideconstruction.com.au\/wp-content\/uploads\/2018\/11\/subcontractors.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2066,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/12\/21\/rio-tinto-awards-iron-ore-contract-to-decmil\/","url_meta":{"origin":3211,"position":5},"title":"Rio Tinto awards iron ore contract to Decmil","author":"yinghui","date":"December 21, 2016","format":false,"excerpt":"Perth-based mining contractor Decmil has secured a new contract at Rio Tinto\u2019s iron ore operations in the Pilbara region of Western Australia. The $40 million contract will see Decmil design, construct and commission new facilities at the Nammuldi and Silvergrass mines. The project scope also includes modifications and extensions to\u2026","rel":"","context":"In "Clients"","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/3211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/comments?post=3211"}],"version-history":[{"count":1,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/3211\/revisions"}],"predecessor-version":[{"id":3212,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/3211\/revisions\/3212"}],"wp:attachment":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/media?parent=3211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/categories?post=3211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/tags?post=3211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}