9th Jun 2008 09:34
AMEC plc
9 June 2008
AMEC completes acquisition of specialist US environmental and geotechnical consultancy
AMEC plc, the international engineering and project management company, announces that it has completed the acquisition of Geomatrix Consultants, Inc. (Geomatrix) from its owner-managers for a total cash cost of £43.0 million (US$85.0 million). £32.2 million (US$63.6 million) was paid at closing with the balance, after any post-closing adjustments, to be paid over the next two years.
Geomatrix strengthens the presence of the Earth and Environmental division in the United States, and adds significant depth to AMEC's consulting capability in the environmental remediation, seismic and groundwater services growth markets.
Enquiries to:
AMEC plc: +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Media:
Frank Stokes, Media Relations Manager: +44 (0)1452 872121
Lauren Gallagher: Media Relations Manager +1 602 757 3211
Brad Christensen, Media Relations Director, Earth and Environmental: +1 602-432-1339
Notes to editors:
AMEC plc is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenue over £2.3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process, and Earth and Environmental businesses employ approximately 22,000 people in more than 30 countries globally. AMEC shares are traded on the London Stock Exchange where the company is listed in the Oil Equipment and Services sector. (LSE: AMEC.L).
AMEC's Earth and Environmental division operates from 130 offices in the U.S., Canada and overseas. The business provides a broad range of environmental, geotechnical, water resources, infrastructure, materials testing, and project management services to public and private clients.
Earth and Environmental works for customers common to AMEC's Natural Resources and Power and Process divisions, providing services from environmental impact assessments at the earliest stages of the project life cycle right through to advising on clean up following decommissioning.
AMEC has a leading position in the Canadian market for environmental services and is a major supplier to the US Air Force in locations around the world.
Market drivers for this division include growth in environmental legislation; increasing corporate social responsibility; increasing use of brownfield sites and exploration of increasingly environmentally sensitive regions by natural resources companies.
The market for environmental services is large and fragmented. Earth and Environmental will continue to follow a strategy of continued growth in selected sectors, both organically and by way of acquisitions which will enhance capabilities and facilitate selective regional expansion.
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