5th Nov 2008 09:29
5 November 2008
AMEC PLC
AMEC strengthens Earth and Environmental position in New England
AMEC plc, the international engineering and project management company, announces the acquisition of OEST Associates, Inc. (OEST) from its owner-manager for a total cash cost of £5.9 million (US$9.5 million). £3.1 million (US$5 million) was paid at closing with the balance, after any post-closing adjustments, to be paid over the next three years.
OEST is a US engineering and architecture services business headquartered in Portland, Maine, with a satellite office near Orlando, Florida. Founded in 1982, the company has a staff of 102 professionals serving clients in the private and public sectors.
OEST strengthens AMEC's portfolio of services for contracts with the US Federal government and other clients. The acquisition is consistent with AMEC's strategy of geographic and capacity expansion in the Earth and Environmental division and follows eight other small and selective acquisitions in this division since January 2007.
Roger Jinks, President of AMEC's Earth and Environmental division said: "OEST is a great fit, geographically and strategically. It doubles AMEC's presence in New England and provides facility design and architectural skills necessary for many Federal contracts."
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 (LSE: 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 around £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. For further information please see www.amec.com.
AMEC's Earth and Environmental division operates from 130 offices in the U.S., Canada and around the world. 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.
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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