Toronto, Canada – Kinectrics (“the Company”), a privately owned, global provider of integrated life cycle management services to the electric power industry, is pleased to announce that it has closed its acquisition of the Nuclear Americas businesses from Wood Group (formerly of Amec Foster Wheeler), with closing of the Nuclear Romania business to follow.
“This is an exciting time for Kinectrics. We are committed to growth by investing in our key strengths – customer relationships, our people and world-class facilities,” states David Harris, CEO of Kinectrics. “This acquisition provides a strong and stable platform for increased innovation, product development and international expansion. With stronger teams and a broader portfolio of products and services, we are positioned to better serve our customers today and longer term.”
The acquisition approximately doubles revenue, increases operational footprints in Ontario, Canada and across the United States and increases headcount to over 1,000 employees.
Bringing together complementary teams and capabilities enhances Kinectrics’ nuclear portfolio in key areas of engineering design, risk assessment, safety and licensing and on-site life cycle management. The Company will be able to take on larger, more complex projects with a wider scope, closing the loop from initial concept through to deployment, in order to meet the evolving needs of nuclear utilities in North America and CANDU reactors worldwide.
With complete service continuity to current customers, this acquisition enables Kinectrics to increase operational efficiencies, offering more value at the same price on current services.
Originally part of the same organization, the combined entities share similar values and culture with a focus on technical excellence, integrity and safety. Together, the Company will maintain the full service, independent laboratory testing, inspection and compliance capability that Kinectrics is known for, supported by the engineering expertise that allows for a complete end-to-end nuclear life cycle management service offering.
About Kinectrics
Kinectrics is the category leader in providing lifecycle management services for the electricity industry. Trusted by clients worldwide, our expertise in engineering, testing, inspection, and certification is backed by our independent laboratory and testing facilities, a diverse fleet of field inspection equipment and an award-winning team of over 1,100 engineers and technicalexperts. From initial design and type testing to operational deployment and maintenance services, Kinectrics collaborates closely with customers to ensure that utility assets perform safely, reliably and efficiently throughout their entire lifecycle. Learn more at www.kinectrics.com and follow us on Twitter, LinkedIn and YouTube.
