Intertek Group PLC
09 April 2008
9 April 2008, 7am London, UK
Intertek acquires Hi-Cad Industrial Services business
Intertek Group plc (Intertek), the leading provider of quality and safety
solutions to a wide range of industries around the world, announces the
acquisition of Hi-Cad Technical Services Ltd (Hi-Cad), a provider of specialist
3D data capture and measurement services for onshore and offshore projects.
Intertek purchased Hi-Cad from its management shareholders, Dave Penman and Ian
Mackie, for an initial cash consideration of GBP 12 million. Deferred
consideration payments of up to GBP 2.5 million and GBP 2.1 million are payable
in September 2008 and September 2009 respectively, and are dependent on
financial performance.
Hi-Cad provides 3D laser scanning and dimensional control services to
engineering, procurement and construction contractors, operators and industrial
manufacturers. Hi-Cad's customer base lies predominantly within the upstream and
downstream oil and petroleum industry, but is broadening to include other
infrastructure-based sectors, such as the power generation and chemical
industry. Projects include new construction and existing infrastructure
modifications onshore and offshore. The company captures 3D laser scan data
on-site to produce 3D models to a high degree of accuracy. Customers rely on
Hi-Cad's services to minimise project costs, improve efficiency and ensure that
new installations conform to design.
Hi-Cad employs around 60 people in the US and UK, supporting both regional and
international projects. The business will form part of Intertek's Industrial
Services division.
Wolfhart Hauser, Chief Executive Officer of Intertek, commented:
'This acquisition brings significant strength to our Industrial Services
division and the development of our asset integrity management services in
particular. Hi-Cad's dimensional control services complement our existing vendor
assessment and quality inspection service business to create a cohesive and
global offering that will have significant value and appeal to customers.'
-ends-
Contacts
Aston Swift / Sarah Ogilvie Intertek
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com / sarah.ogilvie@intertek.com
Richard Mountain / Sophie Kernon, Financial Dynamics
Telephone: +44 (0) 20 7269 7121
richard.mountain@fd.com / sophie.kernon@fd.com
Notes to Editors
ABOUT INTERTEK
Intertek (LSE: ITRK) is a leading provider of quality and safety solutions
serving a wide range of industries around the world. From auditing and
inspection, to testing, quality assurance and certification, Intertek people are
dedicated to adding value to customers' products and processes, supporting their
success in the global marketplace. Intertek has the expertise, resources and
global reach to support its customers through its network of more than 1,000
laboratories and offices and over 21,000 people in 110 countries around the
world.
www.intertek.com
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