Intertek Group PLC
10 May 2004
Embargoed until 7am, 10 May 2004
Intertek Group plc
Intertek acquires Entela Inc
Intertek Group plc ('Intertek'), the global testing, inspection and
certification company, announces the acquisition of 100% of the issued share
capital of Entela Inc ('Entela'), a US automotive components testing company,
for US$26.5m (£15.0m). Entela's turnover for 2003 was US$22.9m (£12.9m) and
operating profit was US$2.9m (£1.6m). Entela will be part of the ETL SEMKO
division of Intertek.
The consideration is being satisfied by US$24.1m (£13.6m) in cash and the issue
of 256,622 Ordinary Shares of 1p in Intertek with a value of US$2.4m (£1.4m).
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.
Dealings in the new shares are eligible to commence on 11 May 2004.
Entela is a leading automotive testing, product certification and systems
registration company with an extensive range of industry accreditations. Its
strength in the automotive market, both in electrical and electronic automotive
parts testing, will complement Intertek's own testing and certification
business. The market for electrical and electronic car components is growing and
this will provide synergies with ETL SEMKO's testing capabilities.
Entela was founded in 1974 and has developed strong capabilities in the testing
of automotive parts. At present its business is predominantly based in the USA,
with offices in Canada and Taiwan. Entela is owned by its management and
employees and is led by Ms Kim Phillipi who has been with the business for 20
years. She and the rest of the management team will continue to run the business
under Intertek.
Chief Executive Officer, Richard Nelson commented, 'This is an exciting
opportunity for Intertek. Entela brings to our ETL SEMKO division new technology
and testing skills and new customers in the automotive industry. Intertek will
be able to provide Entela with the resources and global infrastructure to grow
both in North America and internationally'.
For further information, please contact
Aston Swift, Treasurer and Investor Relations
Telephone: +44 (0) 20 7396 3400 aston.swift@intertek.com
------------------------
Katie Macdonald-Smith, Tulchan Communications
Telephone: +44 (0) 20 7353 4200 intertek@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 270
laboratories with more than 11,000 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
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.