Intertek Group Share News (ITRK)

(Alliance News) - Intertek Group PLC on Wednesday said it has bought Professional Testing Laboratory LLC, a provider of testing services to the flooring industry.

The assurance, testing, inspection and certification services provider said the acquisition of Professional Testing Lab is "highly complementary" to its existing offering. It grows its Total Quality Assurance business in North America and offers an expansion in a "high-growth, high-margin sector".

"Rapidly evolving consumer trends and increasingly rigorous regulatory demands are accelerating the need for industry-leading quality assurance solutions in the global flooring industry. As the market leader in high-quality testing services for the USA flooring market, PTL is well positioned to capitalise on these structural growth drivers," London-based Intertek said.

"In a global flooring market valued at USD376 billion and forecast to grow at 6.8% per annum to 2030, the acquisition also provides an opportunity to expand PTL's testing services internationally, broadening beyond the USA by leveraging Intertek's scale and global footprint in other key flooring markets around the world."

Intertek did not disclose the acquisition price.

PTL was founded in 1988 and operates from a laboratory in Dalton, Georgia. It generated revenue of GBP4.3 million in 2024 and has a workforce of 26 people.

Intertek shares were 0.1% lower at 4,586.00 pence each in London on Wednesday morning. The wider FTSE 100 index was up 0.2%.

On Tuesday, Intertek had backed its full-year financial expectations as it noted increasing client demand. Revenue for the four months to October rose 2.8% to GBP1.18 billion from GBP1.15 billion a year ago. On a like-for-like basis, it rose 2.2% to GBP1.17 billion. Constant currency growth was 4.6%, or 4.1% like-for-like.

"In 2025, we continue to expect our Consumer Products division to deliver high-single digit LFL revenue growth at constant currency," it said on Tuesday.

By Eric Cunha, Alliance News news editor

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