Assystem Acquires Radicon Gulf Consult to Grow in the Middle-East Infrastructure Market
Dubai, 12 May 2014 - Assystem, an international engineering group and innovation consultancy, has completed the acquisition of 75% of Radicon Gulf Consult, an engineering company based in Saudi Arabia, the largest market in the Middle East. The remaining 25 % is held by its chief executive and founder, Mr. K. Ali Al- Harbi. This acquisition is subject to the customary condition precedent including the approval of local authorities.
The acquisition of Radicon, engineering company of 400 engineers, based in Dammam and Riyadh, will enable Assystem to extend its presence in the Gulf, especially in Infrastructure, Energy, Oil & Gas and Transportation.
On the Saudi market, Assystem will rely on Radicon Gulf Consult to develop its activities in the Infrastructure, Oil & Gas, and Nuclear markets. Assystem will then use this launch platform to expand into other countries in the Gulf and North Africa. Radicon Gulf Consult's skills base will enable the Group to expand its solutions base, and double the size of its infrastructure design teams to address the European market from the perspective of a highly competitive cost structure.
"The acquisition of Radicon is an important step forward in Assystem's international growth and its transformation into a global player in the strategic sectors of engineering, especially in the nuclear, aerospace and complex infrastructure markets," said Dominique Louis, Chairman and Founder of Assystem.
Assystem is already present in the Gulf through its participation in the UAE nuclear program (with n.triple.a, its joint venture with Atkins) and MPH, its technical assistance subsidiary based in Dubai, where the Group decided to locate its General Energy & Infrastructure Division in September 2013.
Radicon Gulf Consult is a leading company in the field of design, engineering and services in Saudi Arabia. With an extensive base of regional and national clients such as Saudi Aramco, SABIC, Royal Commission, Saudi Electricity Company and the private sector, RGC provides engineering solutions ranging from design support to project management. RGC employs 400 people and generated revenue of €18 million in 2013.
More information on www.radicongulf.com/ (http://www.radicongulf.com/)
Assystem is an international Engineering and Innovation Consultancy. As a key participant in the industry for more than 45 years, Assystem supports its customers in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs more than 11,000 people worldwide and reported €871 million in revenue in 2013. The Company is listed on NYSE Euronext Paris.
For more information: www.assystem.com (http://www.assystem.com)
Follow Assystem on Twitter: @anewpath2growth (https://twitter.com/anewpath2growth)
CONTACTS
| Gilbert Vidal Chief Financial Officer Tel. : +331 55 65 03 10 | Nicolas Castex - Agnes Villeret - Lucie Larguier Citigate Dewe Rogerson Tel. : +331 53 32 78 95 - +331 53 32 84 75 agnes.villeret@citigate.fr (mailto:agnes.villeret@citigate.fr) / lucie.larguier@citigate.fr (mailto:lucie.larguier@citigate.fr) |
| Pauline Bucaille Head of Corporate Communication and Investor Relations Tel. : +331 55 65 03 08 - pbucaille@assystem.com (mailto:pbucaille@assystem.com) |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ASSYSTEM via Globenewswire
