Wednesday, Intertek Group PLC (ITRK.L), an international provider of quality and safety services, announced the acquisitions of Aptech Engineering Services and WISco Enterprises LP and affiliates in its Industrial Services division.
Aptech Engineering Services, a US-based full-service engineering consultancy company, is acquired by Intertek from Aptech's management and employee shareholders for an initial cash consideration of US$5.0 million, or GBP 3.5 million.
Intertek would pay further subsequent cash consideration payment of up to US$2.0 million, or GBP 1.4 million and up to US$6.0 million, or GBP 4.2 million, dependant on financial performance, which are payable in mid 2009 and in 2010 respectively.
The group noted that Aptech's services help clients, such as petrochemical producers, energy companies, refineries, manufacturers and public utilities, to plan for the maintenance of equipment and infrastructure assets, to assess the risk of equipment failure, extend life-span and improve reliability.
WISco, a global provider of inspection, expediting and co-ordination services, is acquired by Intertek for a cash consideration of US$26.5 million, or GBP 18.5 million.
Commenting on the acquisitions, Wolfhart Hauser, Chief Executive Officer of Intertek, stated, "These two acquisitions are a strategic expansion of our industrial technical services and provide us with strength and market share in the US particularly. Demand for the services offered by Aptech and WISco is strong as clients seek to maintain ageing assets with cost-effective services, with both businesses expected to return high single-digit revenue growth in 2009."
ITRK.L is currently trading on London stock exchange at 783.50 pence, down 0.06%.
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