Product testing and safety specialist Intertek has announced the acquisition of technical services provider Moody International for £450 million.
Moody provides technical inspection and staffing services, consulting and training, and global management system certification to engineering, procurement & construction companies, energy companies and component manufacturers in the energy sector. The company has 2,500 employees in 60 countries.
The acquisition will strengthen Intertek's existing capabilities in technical inspection and asset integrity management, and give it access to new markets in South America and Africa. It will also firm up its existing footprint in Eastern Europe, resulting in full coverage across Europe, the Middle East, Africa, Asia-Pacific and the Americas.
Sussex-based Moody will join Intertek’s Industry & Assurance unit, with the acquisition expected to be completed by the middle of this year, subject to competition clearances.
Commenting on the deal, Wolfhart Hauser, chief executive of Intertek, said: “Moody is a leader in its chosen markets and will strengthen Intertek's industry services and systems certification capabilities globally. We will be able to offer Intertek and Moody clients a range of highly complementary quality and safety services across the entire energy chain covering energy assets, processes and products.”
Stefan Butz, group executive vice president of Intertek's Industry & Assurance division, added: "Moody's business geographies will deepen and extend Intertek's global coverage and increase our reach and service portfolio for clients.
“Moody will help us meet our clients' increasing demand for independent quality and safety support in some of the world's fastest growing regions, where Moody has a strong presence. Our extended global platform will let us develop innovative technical service support including Asset Integrity Management across the wider energy and industrial markets in the future, leveraging Intertek's global resources and expertise.”
Brendan Connolly, chief executive officer of Moody, said: "Moody and Intertek are a perfect fit and will enable us to provide intuitive service bundling together that is tailored to our clients' different operations and needs. We can offer our world class technical inspection, consultancy and training services to Intertek's clients and we will benefit from Intertek's expertise in leading quality and safety across all industries. This is a compelling combination for our clients and for our people—we are very excited about our joint future."
London-based Intertek employs approximately 27,000 people in more than 100 countries around the world.
