Quality control services group Intertek has acquired NDT Services, a provider of non-destructive testing services to the energy, petrochemical, power and aerospace industries.
The group was purchased through the acquisition of its parent company, Materials Testing & Inspection Services, from its management shareholders for £17m in cash.
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
Intertek said: "NDT helps clients to identify flaws or defects in aircraft, pipeline, power station, refinery and oil platform components to assess their projected lifespan in order to reduce the risk of failure and disruption to operations."
The firm said that the increasing regulation and standardisation of components, infrastructure and industrial products, as well as increased investment in quality assurance by companies to reduce risks, is driving the demand of NDT's services.
Wolfhart Hauser, Intertek's Chief Financial Officer, commented on Monday morning: ""NDT has a strong reputation and market position and we are pleased to welcome the company to Intertek.
"Building on our Moody acquisition, this acquisition enhances our existing services to our energy, petrochemical, power and aerospace clients and reflects our strategy of continually expanding our capabilities to meet the full quality needs of clients in each industry".
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
