Kentz sells for to SNC
Canadian engineering and construction company SNC-Lavalin Group said yesterday that it would acquire Tipperary-based energy services provider Kentz Corp for about ( in cash to expand its offerings in the oil and gas sector,Vivienne Westwood Bracelet cheap.
Montreal-based SNC said the acquisition would allow it to carry out larger and more complex oil and gas projects,cheap Vivienne Westwood Bracelet.
Since it went public in 2008,Vivienne Westwood Orb Earrings ebay, Kentz, a FTSE 250 company,Vivienne Westwood Necklaces ebay, has grown rapidly into a diversified construction company with mining, oil and gas,Vivienne Westwood Bracelet, and infrastructure projects around the world.
The company had come close to a sale last year. Germany M+W Group and British rival Amec submitted offers for Kentz early in 2013, but both were rejected. Amec bid of was substantially lower than SNC
Amec earlier this year struck a deal to acquire Swiss-based rival Foster Wheeler for
SNC said it expected the Kentz deal to add to earnings within the first full financial year after closing and to raise its order backlog by about C$4.9bn ( to about C$13bn.
The boards of both companies have unanimously approved the deal.
The takeover will increase SNC-Lavalin employee headcount by about 14,500,Vivienne Westwood Orb Earrings gold, creating a combined company of about 44,500,Vivienne Westwood Orb Earrings silver, with 18,500 dedicated to the oil and gas sector.
SNC said the acquisition would reduce its risks by raising the portion of annual revenue it derives from services contracts to about 40% from about 34%,Vivienne Westwood Necklace cheap.
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