Intertek Group PLC
19 February 2008
Intertek acquires CML Biotech Limited
Intertek Group plc (Intertek), the leading international provider of quality and
safety services to a wide range of industries, announces the acquisition of CML
Biotech Limited (CML), the holding company for the Commercial Microbiology
Group, a microbiology testing laboratory and consulting business for the oil and
gas industry.
Intertek purchased CML from its management shareholders Dr Stephen Maxwell and
John McCulloch for an initial cash consideration of GBP 8 million and deferred
consideration of approximately GBP 2 million payable in March 2009.
CML provides laboratory and consultancy services and sells testing kits
related to the measurement and management of bacteria in the upstream oil and
gas industry. The business supports oil and gas exploration companies in
addressing bacterial contamination of pipelines and infrastructure used during
production, storage, and extraction of oil and gas reserves. The integrity of
pipelines is affected by corrosion caused by bacteria. Bacterial and hygiene
services are also provided for drinking water supplied to offshore platforms
and vessels. CML has a strong industry wide reputation for its expertise and
experience in this analytical services sector.
While the majority of CML's operations are in the North Sea and Gulf of Mexico
markets, CML also supports the other main oil and gas provinces, including North
and West Coast Africa, the Caspian Sea and the Middle East. These and other oil
reserve regions present growth opportunities for CML and Intertek together.
CML has 54 employees in total, based in Aberdeen, Scotland and in Houston, USA,
and it will form part of Intertek's Analytical Services division.
Wolfhart Hauser, Chief Executive Officer of Intertek, commented:
'CML is a valuable addition to our upstream analytical services business. The
business holds a very strong and impressive market position in microbial
services, which will expand the suite of expert services that we deliver as a
partner to the oil & gas exploration industry globally'.
-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
From 1 January 2008, Intertek's Analytical Services, previously part of the
Group's Oil Chemical & Agri division, became a standalone division. For further
details of this and the surrounding divisional re-organisation, refer to
Intertek's stock exchange announcement of 11 December 2007.
ABOUT INTERTEK
Intertek (LSE: ITRK) 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
extensive network of laboratories and offices, with over 20,000 people in more
than 100 countries around the world.
www.intertek.com
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.