AMEC buys Serco’s nuclear services business

1 July 2012 (Last Updated July 1st, 2012 18:30)

Engineering and project management company AMEC has completed the acquisition of Serco Group’s nuclear technical services (TS) business for £137m.

Engineering and project management company AMEC has completed the acquisition of Serco Group's nuclear technical services (TS) business for £137m.

The divestment is in line with Serco's stated strategy to manage its portfolio of contracts while assessing its operations if they meet their expected future levels of performance and profitability.

Serco Group chief executive, Christopher Hyman, said the company will continue to serve the defence and science sectors, notably AWE and the National Nuclear and National Physical laboratories, as well as developing its proposition in energy management services.

Hyman said: "We believe a higher strategic value for these specialist consulting skills can be achieved under alternative ownership, leaving Serco to focus on our long-term contract model delivering high quality and efficient services.

"We will seek to favourably reinvest by selecting the best opportunities and continue to build a balanced portfolio of contracts in markets and geographies around the world."

TS business unit provides consulting and project solutions for customers including the Ministry of Defence, EDF, Magnox and the Nuclear Decommissioning Authority.

AMEC COO, Neil Bruce, said: "This acquisition is fully aligned with our Vision 2015 growth strategy and further builds AMEC's footprint and capabilities in the clean energy market."