Last checked at 9 Jan 2013 07:00
Stock Exchange Release
9 January 2013, 7am London, UK
Intertek acquires Tickford Test Technology Limited
Intertek Group plc (Intertek), a leading provider of quality and safety services to a wide range of industries worldwide, announces that it has acquired Tickford Test Technology Limited (Tickford), a market leading vehicle engine testing company.
Tickford, a privately owned UK company, was purchased on 31 December 2012 from its management shareholders for a total cash consideration of GBP 5.5 million.
Tickford tests petrol and diesel engines on behalf of manufacturers for a range of services including durability, performance and catalyst effectiveness as well as testing fuels and lubricants for efficiency and Government and industry environmental standards. The company has a strong reputation and market position in the UK.
Demand for Tickford's services is expected to grow strongly driven by developments in engine design to improve performance, fuel and emissions efficiency. Strengthening regulations in the EU over CO2 emissions as well as increasing investment in hybrid and other engine technologies will also support growth. Tickford complements similar services already provided by Intertek in the US especially, as well as in Asia and will enable both Intertek's US and Asian customers to divert their European based testing requirements to Tickford as well as Tickford's UK customers to Intertek in the US and Asia.
Tickford has a long history of servicing the high performance car industry including at one point being part of the Aston Martin group. It is located in Milton Keynes in the UK with 57 full-time employees. The company will form part of Intertek's Commercial & Electrical division.
Wolfhart Hauser, Chief Executive Officer of Intertek, commented:
"Tickford is an excellent addition to the range of services Intertek supplies to manufacturers of engines, fuels and lubricants. Combining this highly reputable testing company with the similar services we provide from other locations will enable us to continue to provide a first class service on a global basis to our customers, especially as demands for engine improvements continue to increase. I am delighted to welcome the company to Intertek."
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Contacts
Aston Swift / Sarah Ogilvie Intertek
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com / sarah.ogilvie@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 provider of quality and safety solutions serving a wide range of industries around the world.
From auditing to inspection, to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers' products and processes, supporting their success in the global marketplace.
Intertek has the expertise, resources and global reach to support its customers through its network of more than 33,000 people in over 1,000 laboratories and offices in more than 100 countries.
Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.