Quality and safety services firm Intertek has purchased Tickford Test Technology, a privately-own UK vehicle engine-testing business, as it attempts to build its exposure to growing regulation within the automobile industry.
Tickford, once part of the Aston Martin group, tests petrol and diesel engines on behalf of manufacturers for a range of services including durability, performance and catalyst effectiveness as well as testing fuels and lubricants for efficiency and government and industry environmental standards.
The business was acquired by Intertek on December 31st 2012 from its management shareholder for £5.5m and will form part of the company's Commercial & Electrical division. It is located in Milton Keynes and has 57 full-time employees.
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
According to Intertek, demand for Tickford's services is expected to grow strongly, as engine manufacturers continue to develop fuel and emissions efficiency. Meanwhile, growing regulations in the EU over CO2 emissions and higher investment in hybrid technologies is also thought to support growth.
"Tickford is an excellent addition to the range of services Intertek supplies to manufacturers of engines, fuels and lubricants," said Intertek's Chief Executive Officer Wolfhart Hauser.
"Combining this highly reputable testing company with the similar services we provide from other locations will enable us to continue to provide a first class service on a global basis to our customers, especially as demands for engine improvements continue to increase. I am delighted to welcome the company to Intertek."
-
ScottishPower launches half-price electricity at weekendsNews ScottishPower is offering 50% off electricity at weekends, which could slash hundreds off your bill. We look at who can get it and how to apply
-
Trump calls “tariff” the “most beautiful word in the dictionary”, but investors may disagreeDonald Trump has promised to slap Mexico, Canada and China with new tariffs on day one of his presidency. What does it mean for the economy and investors?
