14th Sep 2007 09:13
AMEC PLC14 September 2007 14 September 2007 AMEC makes strategic acquisition in Chile AMEC plc, the international engineering and project management company,announces that it is to acquire CADE-IDEPE*, the largest independent Chileanengineering services company from its owner-managers, for £12 million (US$25million) in cash. Of this, £10 million (US$20 million) is payable on completion,with the balance deferred over a three year period and subject to the sellersremaining with the company. CADE-IDEPE, which employs 540 people and is based in Santiago, Chile, providesengineering solutions for Natural Resources and Power and Process clients inChile and throughout South America. It has been a close partner of AMEC's forthe past thirteen years. In the year ended 31 December 2006, CADE-IDEPE revenuewas £18 million (US$37 million). AMEC Chief Executive Samir Brikho said "This strategic and exciting acquisitionwill provide AMEC with both a high quality engineering base in the fast growingSouth American market and a high value engineering centre to support our rapidlygrowing Natural Resources and Power and Process businesses in North America.This is consistent with our strategy of seeking capacity and geographicalexpansion within our core energy, power and process markets." Completion is conditional on customary conditions precedent and is expected totake place by early October 2007. * Consisting of two Chilean limited liability companies, CADE IDEPE Servicios deIngenieria Limitada and CADE IDEPE Ingenieria y Desarrollo de ProyectosLimitada. Enquiries to: AMEC plc: +44 (0)20 7539 5800 Sue Scholes, Director of CommunicationsNeil Jamieson, Director of Investor Relations Media: Lauren Gallagher, Media Relations Manager; +1 602 757 3211Frank Stokes, Media Relations Manager; +44 (0)1789 208477 Notes to editors: AMEC plc is a focused supplier of high-value consultancy, engineering, andproject management services to the world's energy, power and process industries.With annual revenues of over £2.2 billion, AMEC designs, delivers andmaintains strategic and complex assets for its customers. AMEC's NaturalResources, Power and Process and Earth and Environmental businesses employapproximately 18,000 people in more than 25 countries globally. AMEC shares aretraded on the London Stock Exchange where the company is listed in the SupportServices Sector (LSE: AMEC.L). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L