A major British engineering consultancy, Waterman Partnership Holdings, has acquired Moylan Engineering Ltd and its subsidiary John Moylan & Associates in a cash and stock deal worth almost £2 million (€2.1 million).
Under the terms of the deal, Waterman Partnership Holdings will issue £600,000 of shares and pay £1.035 million in cash to complete the acquisition. A spokesman for the company said yesterday no jobs losses would be involved.
He said the acquisition was part of a strategy to expand into Europe and the acquisition represented a good opportunity for the company to enter the buoyant Irish market.
Further acquisitions in the Republic would be possible in the future.
Moylan Engineering has offices in Dublin and Cork and employs some 35 staff. It provides engineering consultancy and project management services to clients. It formed an alliance with Waterman Holdings several years ago.
In the year to December 31st, 1999, Moylan had turnover of £1.9 million, with pre-tax profits of £121,000.
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