Wood Group acquires U.S. automotive controls and processes expert
Wood will pay an initial $44m and up to $15m deferred over three years for the designer and builder of industrial and process control systems primarily in the automotive manufacturing industry.
CEC is headquartered near Detroit and has 12 North American offices and an office in Romania.
The purchase further deepens the UK company's automation and control capabilities, following the acquisition of UK-based Automated Technology Group in 2015.
CEC, which will continue to be led by its existing management team, generated an EBITA of $9.6m in the last calendar year.
Wood Group CEO Robin Watson said: "Bringing 50 years of expertise in delivering services to the automotive sector, CEC Controls significantly complements and strengthens the innovative technical solutions we provide to clients within automation and control.
"The acquisition supports the geographical broadening of our footprint within the automotive sector particularly in the US; deepening our presence in the key automotive hub of Detroit, where CEC Controls is headquartered.
"It also provides us the opportunity to further enhance the industrial process & control capabilities we offer to this industry and adjacent sectors including aerospace, logistics, water, and pharmaceuticals." ■