SNC Lavalin completes Kentz takeover
Canadian firm says takeover will 'transform' oil & gas capabilities
Canadian engineering firm SNC Lavalin has completed its $2.1bn takeover of Irish engineering group Kentz, which is a specialist in the oil & gas market.
The deal creates a firm with a combined workforce of 45,000, revenues of $10bn and a project backlog worth around $13bn.
Both firms have significantly grown their Middle East operations over the past 12 months. SNC Lavalin, which is working on the Yanbu refinery upgrade, opened a new regional headoffice in Abu Dhabi in February, while Kentz has opened offices in Dubai and in Doha over the past 12 months.
Robert G Card, president of SNC Lavalin, said: "We expect that our combined capabilities will give us one of the best broad-based service offerings in the E&C industry, while expanding our presence in key growth markets."
The firm added that the deal would transform its ability to deliver complex projects in the oil & gas markets. Kentz's CEO, Christian Brown, will now become president of SNC Lavalin's oil & gas division.
He said: "Joining SNC-Lavalin will provide us with the ability to execute larger scopes for major projects."