Integrated Wind Solutions (IWS) subsidiary IWS Services has completed an all-share merger of ProCon and Hyndla. The combined entity will operate under the ProCon brand.
The company noted that the merger combines expertise in electrical outfitting and installation with specialised engineering in low voltage systems and high-voltage cable management.
IWS Services retains 52.5 per cent ownership of the combined entity and 100 per cent of the voting shares.
The strategic vision for the merger is to industrialise the delivery of critical infrastructure, such as transition pieces and offshore substations.
The new structure combines project management and installation services, aiming to reduce interface risks and shorten project execution timelines for developers.
The entity aims to more than double its annual revenue by 2030, supported by an increased scope of services and improved market shares.
IWS remarked that while ProCon maintains "strong" performance in its core transition piece business, legacy loss-making contracts in the offshore substation segment are expected to impact financials through the first half of 2026.
Management anticipates a return to revenue growth and improved earnings in the second half of 2026.
The combined company expects a flat sequential top line for the full year of 2026.