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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news