Infrastructure company Balfour Beatty has purchased Subsurface Group to expand the Energy Storage Services business of it subsidiary, Parson Brinckerhoff, in the US.
Subsurface is forecast to generate around $50m ($31m) of revenue for the year ended December 31st 2012.
Chief Executive Ian Tyler said: "Subsurface Group's recognised expertise in underground injection and speciality wells and Parsons Brinckerhoff's skills and services in underground storage create synergies for us and for the oil and gas, energy and industrial clients both companies serve.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We are very pleased to have Subsurface as part of Parsons Brinckerhoff and see this acquisition as a significant step in enhancing our wider capabilities in power and energy - a strategic growth area for Balfour Beatty."
Subsurface, which has its headquarters in Texas, is described as a professional consulting and engineering firm, which provides services in underground injection, underground storage, specialty wells, petroleum and natural resources, and environmental science.
-
Thousands of Neil Woodford investors sue Hargreaves LansdownMore than 5,000 people who invested in Woodford's collapsed equity income product are taking Hargreaves Lansdown to court
-
Is now a good time to invest in gold?In the current market conditions, is gold a good investment? We explore the reasons why now might be a good time to put some money into gold.
