SGS Acquires PfiNDE Inc.
SGS is pleased to announce the acquisition of PfiNDE Inc. of Connecticut, USA. The company specializes in non-destructive examination, testing and pipeline integrity for major pipeline operators across the United States. With nearly two-thirds of oil and petroleum products being transported by about 168,000 miles of pipeline in the US, PfiNDE's reputation and knowledge place it in the top rank of service providers in its field.
The company was founded in 1998 and currently employs over 100 staff, including highly skilled technicians. Revenues for this year are projected to be $22 million. Rick Pfannenstiel and his senior management team, Jeff Hecht, Mike Redmond and Mark Schumann will continue to run the operations post acquisition.
"PfiNDE is an exceptionally well run business and will significantly increase SGS Industrial Services footprint in North America and in the pipeline integrity marketplace. In addition to meeting statutory requirements for pipeline inspections, PfiNDE provides a valuable service in helping to protect the environment by identifying defects in existing pipelines and ensuring their integrity. Many other operations within the SGS Group will benefit from PfiNDE's technical expertise and advanced technologies", said Chris Kirk, CEO of SGS.
"PfiNDE's mission is to provide reliable inspection and NDE for its clients, and we are extremely excited by the opportunity this presents to our employees and clients. This acquisition by SGS will allow us to strengthen our infrastructure, continue to provide an exceptional level of service to our clients, enhance employee training and allow us invest in technology supporting our mission", said Rick Pfannenstiel, the founder of PfiNDE.
For further information, please contact:
Jean-Luc de Buman
Communications & IR
1 place des Alpes
CH - 1211 Geneva 1
t: (+41-22) 739 91 11
f: (+41-22) 739 92 00
SGS is the world’s leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 67,000 employees, SGS operates a network of over 1,250 offices and laboratories around the world.