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China Everbright Water acquires engineering design firm
CHINA Everbright Water has signed an agreement to acquire engineering design firm Xuzhou Municipal Engineering Design Institute in China's Jiangsu province, for a cash consideration of 82 million yuan (S$17.10 million).
China Everbright Water executive director and chief executive officer An Xuesong said the institute will complement the company's capabilities in municipal engineering design.
"Furthermore, by having its own municipal design institute, the company will enhance the efficiency of its engineering design works while reducing the relevant costs," said Mr An. "With this new platform, the company will also be able to undertake design projects relating to water services to create a new source of profit growth."
The institute is the only national grade-A municipal design institute in the Huaihai economic zone. It is principally engaged in the survey, mapping, design and consultation of projects relating to roads, bridges, tunnels, water supply, drainage, heat, gas, electricity, construction, landscape, sanitation, highways and water conservancy, as well as consultation on project costs and project management.
China Everbright Water CEO Wang Tianyi said the company will leverage the expertise and capabilities of the new acquisition to further expand the business chain and broaden its business scope.