Tipperary-based engineering firm Kentz has announced a realignment of the services it offers through its three business units following a number of recent acquisitions.
Under the realignment, the group's Engineering Procurement and Construction (EPC) business unit is to be renamed Enginering and Projects. The unit will comprise of the existing EPC services and adds in the recently acquired Valerus operations and project management consultancy and global engineering services.
Kentz completed the acquisition of US operator Valerus Field Solutions for $435 million (€316.5 million) last month.
The group said its Construction and Technical Support Services will remain as separate business units.
For the purposes of financial reporting in fiscal 2014, Kentz will report through the three business units, Engineering and Projects, Construction and TSS. Financial reporting for full-year 2013, which is due at the end of March, will be consistent with the historical approach of EPC, Construction and TSS, the group said.
"Given the successful growth Kentz has delivered in the past years, the recent acquisition of Valerus, and the growth plans we have for the future, we have reviewed how we offer our services to clients and moved to ensure we provide a clear and simple channel for attaining what are complex and valuable services," said chief executive Christian Brown.
“The board believes the re-alignment of some of our services provides a clearer structure and allows the Engineering and Projects business unit to achieve a level of scale that will enable its full growth potential and help market positioning with new and existing clients. We have already seen considerable success in securing engineering contract awards since the first phases of implementing our strategic initiatives and focus continues on this as a key area of future growth for Kentz,” he added.
The group also announced that Eoin Hurley, chief operating officer of the Construction business unit since 2009, is retiring from his full-time role with the group after 27 years. He will remain working on a part-time basis for Kentz.
