PM Group seeks US acquisition

Design and construction specialist earned €10.6m profits in 2016

Seeking to grow US footprint: PM Group chief executive David Murphy

Seeking to grow US footprint: PM Group chief executive David Murphy

 

Design and construction specialist PM Group is seeking to buy a business in the US as it continues to grow operations there.

PM, which designs and manages the construction of buildings for the pharmaceutical and healthcare industries, earned operating profits last year of €10.6 million, figures released on Thursday show.

The Dublin- and Cork-based company is looking at buying a business in the US to expand its operation there. It already has offices in Boston, Massachusetts, which it expanded in March, and San José California.

“As part of that US growth strategy, we are seeking to grow our US footprint and we are working to identify companies suitable for acquisitions to further develop the scale and range of our service offering to multinational companies,” PM said.

Boston is a key centre for industries such as biotechnology and pharmaceuticals, which PM Group serves in the Republic and through offices in the US, Asia and Britain.

San José base

A deal in the US would be its second acquisition in the country. It established its San José base in 2010 after buying Greene Engineers, a company based in the Californian city.

The company confirmed its interest in a second US acquisition after releasing results showing revenues last year were €336 million and operating profits were €10.6 million.

Chief executive Dave Murphy said there was good growth in pharmaceuticals on the back of strong investment globally.

PM is working on a large project for Alexion in Athlone and Janssen and Eli Lilly in Cork.

The group employs 2,100 people in the Republic, US, Singapore, China and Britain. It hired 100 graduates in 2016 and has taken on 70 so far this year.