Acquisition

9 Apr 2008 07:00

Intertek Group PLC09 April 2008 9 April 2008, 7am London, UK Intertek acquires Hi-Cad Industrial Services business Intertek Group plc (Intertek), the leading provider of quality and safetysolutions to a wide range of industries around the world, announces theacquisition of Hi-Cad Technical Services Ltd (Hi-Cad), a provider of specialist3D data capture and measurement services for onshore and offshore projects. Intertek purchased Hi-Cad from its management shareholders, Dave Penman and IanMackie, for an initial cash consideration of GBP 12 million. Deferredconsideration payments of up to GBP 2.5 million and GBP 2.1 million are payablein September 2008 and September 2009 respectively, and are dependent onfinancial performance. Hi-Cad provides 3D laser scanning and dimensional control services toengineering, procurement and construction contractors, operators and industrialmanufacturers. Hi-Cad's customer base lies predominantly within the upstream anddownstream oil and petroleum industry, but is broadening to include otherinfrastructure-based sectors, such as the power generation and chemicalindustry. Projects include new construction and existing infrastructuremodifications onshore and offshore. The company captures 3D laser scan dataon-site to produce 3D models to a high degree of accuracy. Customers rely onHi-Cad's services to minimise project costs, improve efficiency and ensure thatnew installations conform to design. Hi-Cad employs around 60 people in the US and UK, supporting both regional andinternational projects. The business will form part of Intertek's IndustrialServices division. Wolfhart Hauser, Chief Executive Officer of Intertek, commented:"This acquisition brings significant strength to our Industrial Servicesdivision and the development of our asset integrity management services inparticular. Hi-Cad's dimensional control services complement our existing vendorassessment and quality inspection service business to create a cohesive andglobal offering that will have significant value and appeal to customers." -ends- Contacts Aston Swift / Sarah Ogilvie IntertekTelephone: +44 (0) 20 7396 3400aston.swift@intertek.com / sarah.ogilvie@intertek.com Richard Mountain / Sophie Kernon, Financial DynamicsTelephone: +44 (0) 20 7269 7121richard.mountain@fd.com / sophie.kernon@fd.com Notes to Editors ABOUT INTERTEK Intertek (LSE: ITRK) is a leading provider of quality and safety solutionsserving a wide range of industries around the world. From auditing andinspection, to testing, quality assurance and certification, Intertek people arededicated to adding value to customers' products and processes, supporting theirsuccess in the global marketplace. Intertek has the expertise, resources andglobal reach to support its customers through its network of more than 1,000laboratories and offices and over 21,000 people in 110 countries around theworld. www.intertek.com This information is provided by RNS The company news service from the London Stock Exchange