Bureau Veritas announces the signature of an agreement for the acquisition of Sievert Groupa leading non-destructive testing and industrial inspection company in India and the Middle East. The transaction is expected to close in May, subject to regulatory approval and customary closing conditions.
Created in 1986, Sievert has developed a wide range of services to meet the needs of industrial sectors, principally the oil and gas industry. The company specializes in conventional and advanced non-destructive testing. It has state-of-the-art technical capabilities including X-ray and gamma radiography, ultrasonic testing, corrosion mapping and remote video inspection. These services are provided in particular for 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 around $33 million in 2012.
The technical expertise of Sievert will be deployed throughout the Group's geographic network, and offered to sectors other than oil & gas.
For Didier Michaud-Daniel, General Manager of Bureau VeritasThis operation is important for the Group: " Non-destructive testing services represent an attractive market estimated at $3.5 billion, with annual growth of around 9%. This market is driven by growing needs, both in mature economies faced with the problems of aging infrastructures, and in new economies investing in the construction of industrial facilities. In this context, the acquisition of Sievert is an excellent opportunity to expand our position and expertise in this market, and to continue delivering high value-added services to our industrial customers. ".