Last checked at 3 Oct 2013 07:00
Stock Exchange Release
Thursday 3 October 2013, 7.00am London, UK
Intertek acquires Global X-Ray & Testing Corporation
Intertek Group plc (Intertek), a leading quality solutions provider to industries worldwide, announces it has acquired Global X-Ray & Testing Corporation (GXT), a U.S. based provider of non-destructive testing and mechanical integrity services to the oil and gas industry.
Intertek purchased the company from private equity firm Platte River Equity and the management shareholders for a total cash consideration of US$ 72 million (GBP 45 million).
GXT is headquartered in Morgan City, Louisiana, U.S.A. and serves offshore and increasingly onshore customers in the U.S. energy market. The company, founded in 1964, has built a strong reputation as one of the leading U.S. providers of a range of non-destructive testing (NDT) solutions. Services include X-ray, ultrasonic and magnetic particle testing and are provided throughout the life cycle of major oil and gas companies' assets, from construction and operation to maintenance and decommissioning.
GXT will form part of Intertek's Industry & Assurance division, where the combined expertise and highly complementary services of both companies will place Intertek as one of the leading suppliers in North America for industrial inspection and advisory services to both the offshore and onshore energy markets.
Wolfhart Hauser, Chief Executive Officer of Intertek, commented:
"This is an exciting extension of our market leading industrial inspection business into the provision of Asset Integrity Management services for our energy customers. GXT has a well-established presence across all stages of the oil and gas supply chain in the U.S. which fits well with our existing portfolio of Industrial inspection services."
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Contacts
Aston Swift, Intertek
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com
Richard Mountain, FTI Consulting
Telephone: +44 (0) 20 7269 7186
richard.mountain@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.
What is Non-destructive testing (NDT)?
Non-destructive testing, or NDT, is a technique used to help assure safety and reliability of assets through detection of any flaws or defects in product or industrial components such as pipelines, power stations, refineries and oil platforms, without disrupting operations or delaying processes. The techniques used are for example X-ray, gamma-ray, ultrasonic, magnetic particle testing dye penetrant testing and pipeline crawlers. Demand for this service has grown, driven by increasing regulation and standardisation, extending asset lifespans and the need to protect reputation from product failure.