Exova Group PLC Development of global laboratory portfolio (0538R)

TIDMEXO

RNS Number : 0538R

Exova Group PLC

06 December 2016

6 December, 2016

Exova Group plc

Exova announces further development of its global laboratory portfolio

Exova Group plc ("Exova") EXO.L, the global testing, calibration and advisory services provider, announces that it has completed two transactions that continue its successful programme of building value in its laboratory network.

In the UK, Exova has acquired Insight NDT Limited (Insight), a South Yorkshire-based non-destructive testing (NDT) and radiographic inspection business. Insight is at the forefront of the NDT market in the UK, providing its specialist services to the industrial sector since 1997. Insight's reputation is built on consistently providing high quality, high capacity and fast turnaround radiographic inspection services for manufacturers of specialised castings and forgings within the industrials market, as well as providing testing for the nuclear, medical, rail and oil & gas sectors. The business has an experienced team of 20 specialists and achieved revenues of around GBP2m in 2015.

In Canada, Exova completed the sale of its Environmental East business to international life sciences company, Eurofins, for a cash consideration of around C$13m. The sale consists of a portfolio of five well-established, accredited laboratories and two depots across the Eastern provinces of Ontario and Quebec. These provide testing services across a wide range of activities including drinking and waste water analysis, soil testing, ambient air quality testing, asbestos testing, eco-toxicity testing and stack sampling. Exova's Environmental testing business in Eastern Canada generated revenues of around C$19m in 2015.

Ian El-Mokadem, Chief Executive Officer at Exova, said: "These transactions provide more evidence of our intention to continue to focus our resources on building and strengthening our market leading positions in the provision of technically demanding services. We aim to continue to grow our business organically and remain confident of our ability to strengthen our business with further well executed acquisitions."

Ends

Enquiries:

Andy Jones

Powerscourt

T: [phone]

E: [e-mail]

Diana Milford

External Communications Manager, Exova

T: [phone]

E: [e-mail]

Exova

Exova is one of the world's leading laboratory-based testing groups, trusted by organisations to test and advise on the safety, quality and performance of their products and operations. Headquartered in Edinburgh, UK, Exova operates 138 laboratories and offices in 33 countries and employs more than 4,300 people throughout Europe, the Americas, the Middle East, Asia/Asia Pacific and Africa.

Exova's capabilities help to extend asset life, bring predictability to applications, and shorten the time to market for customers' products, processes and materials. With over 90 years' experience, Exova specialises in testing across a number of key sectors ranging from Aerospace to Fire & Building Products; Oil & Gas and Industrials; Infrastructure & Environment; Automotive; and Health Sciences.

This information is provided by RNS

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December 06, 2016 02:02 ET (07:02 GMT)