Ricardo : Completion of Transport Engineering Acquisition
May 31, 2019 at 02:24 am EDT
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31st May 2019
Ricardo plc
('Ricardo' or the 'Group')
RICARDO COMPLETES ACQUISITION OF TRANSPORT ENGINEERING PTY LTD
Ricardo plc ('Ricardo'), a global engineering, technical, strategic and environmental consultancy business, announces today that, further to the statement on 13 May 2019, it has completed the acquisition of the entire share capital of Transport Engineering Pty Ltdfor a total maximum cash consideration of AUD$53.6 million (£28.9 million), subject to any adjustments for cash and normalised net working capital and certain financial performance targets.
The Board of Ricardo plc is therefore pleased to confirm today the launch of Ricardo Rail Australia. In accordance with the announcement on 13 May 2019, the business will form a core part of the Group's Rail segment adding breadth and depth to Ricardo's existing strong rail capabilities and the acquisition will provide Ricardo with a strong foothold in the rapidly growing Australian rail market together with a footprint for other Ricardo businesses.
Note: An exchange rate of £1.00:AUD$1.85 has been used throughout this announcement.
Further enquiries
Ricardo plc
Tel: 01273 455611
Dave Shemmans, Chief Executive Officer
Ian Gibson, Chief Financial Officer
Website:www.ricardo.com
Newgate Communications
Adam Lloyd / Ian Silvera
Tel: 020 7680 6550
ricardo@newgatecomms.com
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Ricardo plc published this content on 31 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 May 2019 06:23:08 UTC
Ricardo plc is a global strategic, environmental, and engineering consulting company. The Company operates through five segments: Energy and Environment (EE), Rail, Automotive and Industrial (A&I), Defense, and Performance Products (PP). The EE segment is engaged in the provision of environmental consultancy services to customers across the world. The Rail segment is a consultancy unit that provides technical advice and engineering services; and performs accredited assurance services. The A&I segment is engaged in the provision of engineering, strategic consulting, and design, development, and testing services, focused on hybrid and electric systems, electrification, engines, driveline and transmissions, testing, and vehicle engineering. The Defense segment provides engineering services, software, and products to customers in the United States defense market. The PP segment manufactures, assembles, and develops niche components, prototypes, and complex products.
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