Last checked at 19 Nov 2013 07:00
Stock Exchange Release
19 November 2013, 7.00am London, UK
Intertek agrees to acquire Architectural Testing, Inc (ATI).
Intertek announces new acquisition extending its worldwide building products services
Intertek Group plc (Intertek), a leading quality solutions provider to industries worldwide, has agreed to acquire Architectural Testing, Inc (ATI), one of the largest building products testing and certification companies in North America.
Intertek will purchase the company from private equity firm Wafra Partners and the management shareholders for a total cash consideration of US$ 95 million (GBP 59 million). Closing of the acquisition is expected to occur in the fourth quarter of 2013.
Head-quartered in York, Pennsylvania (USA), ATI was set up in 1975 to verify the performance of residential window systems, but has since expanded into related residential and commercial markets including exterior wall systems and interior finish systems. The company employs 293 highly specialised technicians and engineers across 28 locations in the US.
ATI's investment in proprietary equipment and testing methodologies, its strong reputation with the regulatory bodies and manufacturers, combined with the improvement in the construction market in the US, provides Intertek with a strong platform for continued growth both domestically and internationally. Where Intertek has already been successful in using its global network to expand its building products offering to new fast-growth overseas markets, it will now develop ATI's specialised offering in the same way to manufacturers internationally. Advances in high performance materials used for windows and walls particularly in response to reducing energy use and environmental damage will remain a structural growth driver for this business globally. Intertek will also be able to provide its wide range of product testing expertise and comprehensive suite of certification marks to ATI's established customer base.
Wolfhart Hauser, CEO, Intertek said: "The industry, our customers and our stakeholders will all benefit from the combination of ATI and Intertek. This is a long term strategic opportunity which allows us to better serve our customers while enabling us to further expand our building products locations outside the U.S. and penetrate high growth areas around the globe."
-ends-
Aston Swift
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com
Richard Mountain / Susanne Yule FTI Consulting
Telephone: +44 (0) 20 7269 7186
richard.mountain@fticonsulting.com / susanne.yule@fticonsulting.com
Corporate website: www.intertek.com
About Intertek
Intertek is a leading quality solutions provider to industries worldwide. From auditing and inspection, to testing, training, advisory, quality assurance and certification, Intertek adds value to customers' products, processes and assets. With a network of more than 1,000 laboratories and offices and over 36,000 people in more than 100 countries, Intertek supports companies' success in a global marketplace. Intertek helps its customers to meet end users' expectations for safety, sustainability, performance, integrity and desirability in virtually any market worldwide. Visit www.intertek.com
Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.