AMEC acquires US engineering company MACTEC
Takeover geared to bolster engineering giant's North American presence.
London – International engineering and project management company, AMEC, announced it will buy MACTEC, a US engineering and environmental services company, for US$280 million.
Headquartered in Georgia, MACTEC has 2,600 employees in 70 offices mainly in the eastern U.S. The company’s services match those of AMEC’s Earth & Environmental (E&E) business, including environmental planning, assessment and remediation, infrastructure engineering, water resources and construction support services.
In North America, E&E has previously had a stronger presence in the Western US and in Canada. According to the company, the combination will allow AMEC greater access to new customers and regions and MACTEC a better international platform for growth.
At the end of 2010, MACTEC’s gross assets were US$283 million and its earnings before interest and tax were US$32 million for 2010. The business will be integrated into AMEC during 2011. It is expected to be earnings enhancing immediately and to achieve its weighted average cost of capital by the second full year.