Sievert acquisition expands Bureau Veritas footprint in the market
Bureau Veritas has signed an agreement to acquire Sievert Group, a leading provider of non-destructive testing and related industrial inspection services in India and the Middle East. The transaction is expected to be completed in May, subject to clearance by the relevant authorities and customary closing conditions.
Established in 1986, Sievert has developed a comprehensive suite of services meeting the needs of industrial sectors, primarily the oil & gas industry. The company is specialized in conventional and advanced non-destructive testing services. It has state of the art capabilities ranging from X- and Gamma ray radiographic testing, to ultrasonic testing, corrosion mapping and remote video inspection. These services are notably provided during the construction of onshore and offshore pipelines used for oil, gas or water distribution.
Based in Mumbai, Sievert has a strong presence in India, South East Asia and the Middle East. The company has 1,400 very qualified employees and reported revenue of around
USD33 million in 2012.
This acquisition will increase Bureau Veritas’ technical capabilities in advanced non-destructive testing and reinforce its footprint in India and the Middle East. Bureau Veritas is now one of the world leaders in this market. Sievert’s technical expertise will be leveraged throughout the Group’s geographical network and offered to sectors other than Oil & Gas.
Didier Michaud-Daniel, Bureau Veritas’ Chief Executive Officer, stated:
“Non-destructive testing is an attractive market, estimated at USD3.5 billion, with a growth rate of around 9% per year. Demand is driven by growing needs, both in mature economies that are facing challenges related to ageing infrastructure, and in new economies investing in the construction of industrial facilities. In this context, the acquisition of Sievert is a great opportunity to reinforce our market position and expertise and keep delivering added value services to our industrial clients.”
Source: BV
