Intertek Group PLC
07 September 2007
Stock Exchange Release
7 September 2007, London, UK
Intertek announces the acquisition of Carnot Emission Services
Intertek Group plc (Intertek), the leading international provider of quality
and safety services to a wide range of industries,
announces the acquisition of Carnot Emission Services ('Carnot').
The business assets of Carnot, an emissions testing company based in San
Antonio, Texas USA, were purchased from its shareholders Steve Griffin, Tim
Griffin and Holly Schmidt for cash consideration of USD7.8 million (GBP3.9
million). A further cash consideration of up to USD4.5 million (GBP2.2 million)
will be payable in August 2008, dependent on performance in the financial year
to June 2008.
Carnot provides emissions, certification, audit and compliance testing services
to manufacturers of engine and off-road equipment. The company is a market
leader in testing for the USA's Environmental Protection Agency ('EPA')
emissions and fuel economy regulations and is also one of the world's largest
independent testing organisations for non-road industries. Non-road engines
include large spark, small off-road, marine, recreational and agricultural.
Carnot will support Intertek's existing service lines in heavy-duty emissions
testing. The company also offers new and complementary services and expertise
that can be cross-sold to existing Intertek customers in the automotive and
fuels sectors globally.
Wolfhart Hauser, Chief Executive Officer of Intertek, commented:
'With the engine emissions testing market evolving under more stringent industry
regulations by governmental agencies worldwide, Carnot's business has a great
outlook as well as bringing complementary services and expertise to our global
network and customer base. Carnot's business drivers match those of Intertek as
customers seek our support to meet new regulations from greater environmental
awareness globally.'
-ends-
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 (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.
This information is provided by RNS
The company news service from the London Stock Exchange
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