Intertek Group PLC
10 July 2007
10 July 2007, 14:00pm (UK)
Intertek announces two acquisitions
Intertek Group plc (Intertek), a leading international provider of quality and
safety services to a wide range of industries, announces two acquisitions: V.I.P
Cargo Surveys, Inc (VIP) a petroleum inspection and testing company located in
Texas, USA; and Geotechnical Services Pty. Ltd (Geotech), a petroleum laboratory
services company located near Perth, Australia.
Geotech was purchased from its shareholders Dr Birgitta Hartung-Kagi and Dr
Robert Ian Kagi for cash consideration of AUD6.0m (GBP2.6m). Geotech provides a
wide range of chemical analysis, petrophysical testing and consultancy services
to the upstream & downstream petroleum, petrochemical and mining industries,
Government bodies and consultancies, both in Australia and internationally.
Geotech will extend Intertek's global upstream laboratory network and will
operate alongside other Intertek laboratories in Australia in the oil, gas,
agricultural and minerals industries.
The business assets of VIP were purchased from the current sole shareholder and
CEO, William Vaden, for an initial cash consideration of USD2.0m (GBP1.0m)
further cash consideration of up to USD1.0m (GBP0.5m) is payable in March 2008,
dependent on performance in 2007. VIP provides support to oil companies along
the Texan Gulf coast, which is a major route for cargo tankers. Specialising in
ship to ship transfer (lightering), cargo inspection and terminal and pipeline
support, VIP will increase the breadth and depth of Intertek's on-shore and
off-shore services to major oil companies in the region.
Contacts
Aston Swift / Sarah Ogilvie Intertek
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com / sarah.ogilvie@intertek.com
Richard Mountain / Susanne Walker, Financial Dynamics
Telephone: +44 (0) 20 7831 3113
richard.mountain@fd.com / susanne.walker@fd.com
Notes to Editors
ABOUT INTERTEK
Intertek is the leading international provider of quality and safety services to
a wide range of global and local industries. Partnership with Intertek brings
increased value to customers' products and processes, ultimately supporting
their success in the global market place. Intertek has the experience,
expertise, resources and global reach to support its customers through its
network of 930 laboratories and offices and over 18,000 people in 109 countries
around the world.
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