Irish engineering group Kentz has acquired South African-based RNE Engineering and Projects in a deal worth about $10 million.
The company said it would pay a cash consideration of about $10 million over a period of four years for RNE, which offers project management, engineering and design services.
RNE has about 85 employees based in two offices in Secunda and Sasolburg, South Africa, and has worked with Kentz for more than three years.
In a statement this morning, Kentz said the partnership would support the growth of activity in South Africa and the opportunity to jointly tender for select engineering, procurement and construction.
Kentz said its new acquisition will be earnings enhancing in the first full year of ownership.
"RNE has built an impressive market presence in the oil, gas, petrochemicals, metals and mining market sectors in South Africa," Kentz chief executive Hugh O'Donnell said.
