Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Opus expands Australian unit with A$1.7 mln acquisition

Opus expands Australian unit with A$1.7 mln acquisition

Feb. 20 (BusinessDesk) - Opus International Consultants, the engineering firm with one of four mandates to lead design the Christchurch rebuild, has expanded its Australian business buying Bowdens Group Australia for A$1.7 million.

The Wellington-based company will add the survey, civil engineering and water services design firm to its Australian unit, opening a new office in Parramatta, it said in a statement. Bowden managing director Greg Gearin will lead the new Parramatta office, which will add 16 staff to Opus’s 420 strong workforce in Australia, and report to Australian managing director Melvyn Maylin.

The company will pay A$1.4 million in cash, A$200,000 in shares and a further A$100,000 if certain performance targets are met.

“The purchase of the business gives us a broader range of complementary services in survey and water engineering,” managing director David Prentice said. “It also allows us to enter additional market sectors through Bowden’s existing contracts with key clients.”

Opus’s Australian unit accounted for about 16 percent of its $462.9 million annual revenue in 2013. The company’s underlying earnings gained 14 percent to $34.3 million in the year after expanding its Canadian business with the acquisition of engineering consultancy Stewart Weir.

The shares were unchanged at $2.10 today, and have increased 1 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news