News Releases
Balfour Beatty Buys Integral Technologies Inc Of The US For Up To $50 Million
03 Jul 2000Balfour Beatty, the international engineering, construction and services group, announces today that it has agreed to acquire Integral Technologies Inc (“Integral”), a leading US developer of digital imaging solutions and products for the security and surveillance industry. Integral will become part of Andover Controls, Balfour Beatty’s US-based automated building management controls business, and will significantly broaden Andover’s capability in the fast-growing security sector of the US controls market.
Integral, which is based in Indianapolis, Indiana, had 1999 revenues of $15 million, with operating income before interest and taxes of $3.4 million. The business has grown at a rate of 30% compound over the last three years.
$30 million will be paid in cash upon completion of the acquisition, with a further $20 million payable on an earnout basis against the achievement of agreed financial targets. The value of net assets being acquired is approximately $7 million.
Commenting on the transaction, Balfour Beatty Chief Executive, Mike Welton, said today:
“The acquisition of Integral further develops the range of services which we are able to offer the international building, building management and services market. Andover Controls’ leading position in the automated building management market will be significantly enhanced as a result.”
Integral provides products and technology, based on digital imaging and CCTV, which complement Andover’s existing range of access control products and will help increase its share of the fast-growing technology driven security controls market where it will now offer customers a broad-based, integrated product and service mix. Andover Controls is already a leader in the HVAC segment of the building controls market.
ENDS
Enquiries to:-
Tim Sharp
Balfour Beatty plc
Tel: +44 (0)20 7629 6622
