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Wood Group acquires CEC Controls

24 May 2017 07:05

Wood Group acquired CEC Controls for $44m in cash at closing with a further total fixed deferred consideration of $15m over the next three years.

This followed the acquisition of the Automated Technology, one of the UK's largest independent suppliers of control and power solutions for industrial automation, in September 2015.

CEC Controls' clients included Ford, GM and Fiat-Chrysler and the business will continue to be led by its existing management team. CEC Controls reported gross assets of $34m and generated an EBITA of $9.6m in 2016.

Wood Group chief executive Robin Watson said: "Bringing 50 years of expertise in delivering services to the automotive sector, CEC Controls significantly complements and strengthens the innovative technical solutions we provide to clients within automation and control.

"The acquisition supports the geographical broadening of our footprint within the automotive sector particularly in the US; deepening our presence in the key automotive hub of Detroit, where CEC Controls is headquartered.

"It also provides us the opportunity to further enhance the industrial process & control capabilities we offer to this industry and adjacent sectors including aerospace, logistics, water, and pharmaceuticals."

Story provided by StockMarketWire.com

Related Company: WG.

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