The multi-billion pound takeover of Epsom’s largest employer has been completed.
WS Atkins, an engineering consultancy based in Ashley Road, agreed to the acquisition by rival Canadian firm SNC-Lavalin earlier this year.
SNC-Lavalin announced the completion of the acquisition – which it expects to deliver more than £90million worth of “cost synergies” by the end of the first full financial year – today (Monday, July 3).
Atkins has 18,000 employees and last year its revenues totalled about £20billion.
After the Ashley Road-based consultants accepted the £2.1billion takeover in April, an SNC-Lavalin spokesperson wrote that the company expected Atkins’ employees to be “a key factor in maximising opportunities”.
The spokesperson added that the acquisition would not result in worse “remuneration terms” for Atkins management and employees, and that existing contractual and statutory employment rights would be “fully observed”.
The acquisition means the company’s physicist Uwe Krueger will give up his role as chief executive.
Heath Drewett, president of Atkins, and now chief financial officer of the merged company, said: “Joining SNC-Lavalin will provide us with the ability to offer our clients and employees the enhanced scale, capabilities, expertise and other benefits that come with being part of a larger and stronger global company.
“At the same time, we look forward to bringing our own unique project management, design, consulting and engineering capabilities to SNC-Lavalin’s clients.
“The result will be a more agile and responsive company that better meets client needs and creates cross-selling opportunities.”
SNC-Lavalin believes the acquisition will allow the company to “increase (its) customer base, geographic reach and scale, making (it) a true global player with more balanced revenue coverage worldwide, while strengthening (its) position globally to develop and capitalize on the infrastructure, rail and transit, nuclear and renewables markets,” a spokesperson stated.
Neil Bruce, president and CEO of the Canadian engineering and construction group said: “We are now a true global player that is in a stronger position to offer clients complementary and a wider breadth of expertise, capabilities and services.
“We are thrilled to welcome the employees of Atkins and the tremendous talent they will bring to our combined company.
“Together, we will become part of a larger global organization that will open the door to new opportunities for further growth and development.”
Are you affected by the takeover? Get in touch at craig.richard@london.newsquest.co.uk
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