Bureau Veritas announces the signing of an agreement to acquire Sievert Group, a leading company in non-destructive control and industrial inspection, in India and the Middle East. The transaction is expected to be completed in May, subject to approval by the relevant authorities and customary closing conditions.
Founded in 1986, Sievert has developed a wide range of services to meet the needs of the industrial sectors, mainly the oil and gas industry. The company specializes in conventional and advanced non-destructive testing. It has the most advanced technical capabilities including X-ray and gamma-ray radiography, ultrasound controls, corrosion mapping and remote video inspection. These services are provided in particular during the construction of onshore and offshore pipelines, used to transport oil, gas or water.
Based in Mumbai, India, Sievert has a strong presence in India, Southeast Asia and the Middle East. The company employs 1,400 people and generated sales of approximately $33 million in 2012.
Sievert's technical expertise will be deployed throughout the Group's geographic network and offered to sectors other than oil and gas.
Didier Michaud-Daniel, Managing Director of Bureau Veritas,said the transaction was important for the group: "Non-destructive control services represent an attractive market estimated at $3.5 billion, with growth of around 9% per year. This market is driven by growing needs, both in mature economies facing aging infrastructure issues, and in new economies investing in the construction of industrial facilities. In this context, the acquisition of Sievert is an excellent opportunity to increase our position and expertise in this market and to continue to deliver high value-added services to our industrial customers."