Intertek Group PLC
01 October 2003
Intertek Group plc ('Intertek')
Intertek acquires Fastech International Ltd
Intertek, the global testing, inspection and certification company, announces
the acquisition of 100% of the issued share capital of Fastech International Ltd
(Fastech) for £5.1m net of cash.
The consideration is being satisfied by £5.0m in cash and the issue of 28,131
Ordinary Shares of 1p each in Intertek with a value of £142,500. Accordingly,
application has been made to the UK Listing Authority for these shares to be
admitted to the Official List and to the London Stock Exchange for these shares
to be admitted to trading. Dealings in the new shares are eligible to commence
on 2nd October 2003.
Fastech is a leading UK textile testing business based in Manchester. Turnover
for 2002 was £2.1m and profit before tax was £0.7m. Fastech will come under the
management of the Labtest division of Intertek, making Labtest the market leader
in UK textile testing. This acquisition will create opportunities to provide
textile testing in Asia and the rest of the world for Fastech's UK customers.
Fastech is owned by Karen Goodhew and Stephen Eckersley. Stephen will retire and
Karen will continue to manage the business.
For further information please contact
Aston Swift, Treasurer and Investor Relations
Telephone: +44 (0) 20 7396 3400 aston.swift@intertek.com
Tim Lynch, Tulchan Communications
Telephone: +44 (0) 20 7353 4200 tlynch@tulchangroup.com
Corporate website: www.intertek.com
High resolution images of Intertek Group plc businesses are available to
download, free of charge from www.vismedia.co.uk.
About Intertek:
Intertek is a leading international testing, inspection and certification
organisation which assesses customers' products and commodities against a wide
range of safety, regulatory, quality and performance standards and in some
cases, certifies the management systems of customers. Intertek has over 250
laboratories with more than 10,000 people around the world and is increasingly
undertaking outsourced testing work for its customers.
This information is provided by RNS
The company news service from the London Stock Exchange
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