Genivar buys industrial automation firm Isaction for undisclosed amount
October 7, 2011
By Ross Marowits The Canadian Press
Engineering firm Genivar Inc. is enhancing its industrial automation offer for Canada’s mining sector by acquiring Quebec-based specialists Isaction Inc. Financial terms of the deal were not immediately available.
Genivar said the deal adds 40 people and complements its acquisition of Ontario-based Dakins Engineering Group Ltd. in July. Dakins specializes in instrumentation control and automation systems for water and wastewater management.
Founded in 1993, Isaction has completed many automation and optimization projects in a wide variety of sectors.
“Their state-of-the-art expertise in the area of automated system integration will help us meet our clients’ growing needs, particularly in the aluminum and mining sectors,” stated Eric Tremblay, vice-president for Eastern Quebec.
He said the company will now be able to offer clients across Canada integrated services in the field of automated systems.
Pierre Lacroix of Desjardins Capital Markets estimates the acquisition will increase its employee count by about one percent and cost around $400,000.
“While the acquisition is not significant, it will complement Genivar’s recent acquisition of Dakins,” he wrote in a report.
Genivar has added nearly 260 employees so far this year from seven acquisitions, about halfway to its objective of acquiring 500 employees in 2011.
Genivar is one of Canada’s largest engineering firms, with more than 4,700 employees working in Canada and around the world.