Inspecta acquires Mongstad Test og Inspeksjon AS and MTI Engineering AS in Norway

Inspecta Group and the owners of MTI Holding AS have signed a contract by which Inspecta Holding Norway AS acquires 100 % of the shares of Mongstad Test og Inspeksjon AS (MTI), 100 % of the shares MTI Engineering AS and 19,9 % of shares in MTI Middle East AS. The deal will be finalized after the approval of competition authorities.

MTI is specialized in inspections of lifting devices, non-destructive testing services and training. MTI has 31 employees in Mongstad, Florö and Ågotnes and an annual turnover of 49,8 MNOK. MTI Engineering provides engineering and lifting technology services to oil and gas industry. MTI Engineering has started its operations in 2010 and has three employees. MTI Middle East carries out lifting inspections and training services in Dubai and has 47 employees. Their annual turnover is 27,5 MNOK.

The acquisitions strengthen Inspecta’s position in the Bergen economic area in Western Norway. Inspecta has grown through acquisitions in the Norwegian market since 2008, and employs now more than 100 persons in Norway.

“Minority ownership in MTI Middle East should be seen as a financial investment since we only hold 19,9 % of the shares. We will continue to support the development of the company in co-operation with the other owners”, says director Simo Hassi from Inspecta.

For MTI and its employees the deal opens up new opportunities in offering wider service variety for current clients and working in a large international organization.

For further information please contact:
Simo Hassi
Inspecta Group
Director, International Business Development
+358 50 2255
simo.hassi@inspecta.fi

Frank Grindheim
MTI Holding AS
Board Member
+47 93406052
frank.grindheim@mti-as.no

Page created: 30 Sep 2010