(Sharecast News) - Intertek said on Monday that it has agreed to buy Controle Analítico, a Brazilian provider of environmental analysis with a focus on water testing, for an undisclosed sum.
It noted that in Brazil, legislation aimed at providing at least 99% of the population with safe drinking water and 90% of all in-country households with sanitation services by the year 2033 is expected to require around $128bn of investment this decade.
Intertek said the deal represents an "attractive and complementary" opportunity for it to expand its Food and Agri Total Quality Assurance (TQA) solutions in Brazil by expanding its presence and service offering in the environmental testing market.
Chief executive Andre Lacroix said: "Sustainability is the movement of our time and all stakeholders are more aware than ever of the importance of personal health, safety and the environment around us, which starts with ensuring access to safe drinking water and sanitation services.
"The acquisition of Controle Analítico is a compelling strategic fit for Intertek and is highly complementary to our existing footprint and service offering in Brazil. Moreover, it aligns with our core purpose of bringing quality, safety and sustainability to life."
Intertek Group (ITRK)