22nd Jul 2008 13:11
AMEC plc
22 July 2008
AMEC acquires Slovak specialist nuclear services company
AMEC plc, the international engineering and project management company, announces the acquisition of the Slovak specialist nuclear services company AllDeco, s.r.o. (AllDeco) from its owner-managers for a total cash consideration of £11.1 million (€14.0 million). £7.8 million (€9.8 million) was paid at closing, with the balance to be paid over the next three years, subject to the achievement of agreed performance targets.
AllDeco has a leading position in the Central and Eastern European market for nuclear decommissioning and reactor services, which is expected to grow significantly over the next five years. The company has a strong track record in these markets, with specialist expertise in areas including the removal and solidification of highly contaminated waste and the provision of remotely controlled vehicles used in decontamination of decommissioned facilities. AllDeco has principal locations in Slovakia and the Czech Republic and employs 112 nuclear engineers, designers, chemists and operators.
The purchase is consistent with AMEC's strategy of selective geographic and capacity expansion in the Power and Process division.
Samir Brikho, AMEC Chief Executive said: "This is an excellent acquisition for AMEC. AllDeco will strengthen our capabilities and improve our standing as a leading player in nuclear decommissioning and reactor services in the UK, Europe and around the world.
"This acquisition will further strengthen our strong position in the nuclear sector, having been recently named as a member of the consortium appointed preferred bidder in the Sellafield competition."
Didier Pfleger, Chief Operating Officer of AMEC's Power and Process division added:
"I am delighted that AllDeco will be joining our nuclear business. With specialist expertise in decommissioning and reactor services and a leading market position in Central and Eastern Europe, AllDeco will significantly enhance our geographic coverage and our ability to provide customers with high value services."
Dusan Majersky, Managing Director of AllDeco said: "We are pleased to be joining AMEC at a time when the nuclear industry is poised for significant growth. The acquisition will allow us to better serve our clients in Central and Eastern Europe and provides excellent technical and professional opportunities for our employees across AMEC's nuclear business worldwide."
Enquiries to:
AMEC plc: +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Media:
Frank Stokes, Media Relations Manager: +44 (0)1452 872121
Harold Ashurst, Communications Manager (Nuclear): +44 (0) 7714 709150
Notes to editors:
AMEC plc
AMEC is a focused supplier of high-value consultancy, engineering, and project management services to the world's energy, power and process industries. With annual revenues of 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 over 23,000 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 is the largest UK-based private sector supplier of programme management and engineering services to the nuclear sector. The business builds on AMEC's 50 years experience in the nuclear market and customers include BNFL, British Energy, Bruce Power, UKAEA, AWE Aldermaston and a wide range of international nuclear utilities.
AMEC has been active in the Central and Eastern European nuclear market since the early 1990s. Activities have included decommissioning support at a number of sites including Ignalina and Chernobyl, where the company plays a leading role in the relevant project management units; reactor services for all reactor types in the region including: PWR (Pressurised Water Reactor); VVER (from the Russian acronym for Water-Water Energetic Reactor - the Russian pressurised water reactor technology), RBMK (from the Russian acronym for High-Power Channel-type reactor), CANDU (CANada Deuterium Uranium reactor) and new build and project completion work for various utilities companies.
Further details on AMEC's nuclear activities were presented at the Power and Process seminar on 5 June 2008 and may be found at www.amec.com/investors/investors.asp?pageid=50141
AllDeco, s.r.o.
AllDeco is a privately owned Slovak company specialising in nuclear decommissioning, decontamination and waste treatment. Formed in 1992, AllDeco has businesses based in both the Slovak and Czech republics.
AllDeco has expertise and practical experience in wide range of decontamination methods and radioactive waste treatment technologies. The company has a strong track record in areas including the removal and solidification of highly contaminated waste and the provision of remotely controlled vehicles used in decontamination of decommissioned facilities.
Major customers include the Slovak nuclear utility SE, JAVYS, the Slovakian decommissioning authority, and CEZ, the Czech nuclear utility.
Related Shares:
AMFW.L