SNC-Lavalin acquires Ontario’s DBA Engineering
Engineering giant’s numbers remain strong despite controversy, worldwide financial uncertainty.Comments Off on SNC-Lavalin acquires Ontario’s DBA Engineering
MONTREAL — SNC-Lavalin has acquired DBA Engineering, an Ontario-based firm with about 100 employees that specializes in materials and pavement engineering, as well as geotechnical and geo-environmental studies.
Founded in 1991, DBA Engineering provides services to public and private sector clients from Ontario offices in Toronto, Kingston, Cambridge and Trenton.
SNC-Lavalin vice-president Charles Chebl said DBA’s expertise in materials and geotechnical engineering will reinforce the technical capabilities of its Groupe Qualitas subsidiary.
“DBA will also provide an additional source of expertise and enhance our service offering for major projects that we are carrying out or are targeting across Ontario,” he stated.
The company didn’t provide a value for the transaction. Param Dhillon, president of DBA Engineering, said both companies share the same philosophy.
“We are delighted with this union because it provides our company with a platform to grow technically and geographically in Ontario, and gives our exceptional employees a chance to advance professionally and personally.”
Maxim Sytchev of AltaCorp Capital said the acquisition is minor but contract awards and small takeovers such as this will “start refocusing investor attention on the positive aspects of the SNC story.”
SNC-Lavalin’s brand has been tarnished by the disclosure of $56 million in payments to unknown foreign agents. But Sytchev said SNC-Lavalin has a strong balance sheet, has announced a steady flow of contracts over the last few months despite macro-economic uncertainty and has the lowest valuation in a decade.
© 2012 The Canadian Press