Spain's FCC sells auto inspection service for 180 mln euros
Spanish construction and services group FCC said Monday it had sold its vehicle inspection service ITV to Swiss group SGS for 180 million euros (238 million US dollars).
The two firms expect to complete the transaction by the end of the year following clearance from the relevant competition and governmental authorities, it said in a statement.
ITV currently runs 43 vehicle inspection centres in Spain and 32 in Argentina. It employs 833 people and expects to post revenues of 64 million euros in 2010.
"The statutory vehicle inspection business is an important component of our growth plan and we welcome this opportunity to strengthen our presence in both Western Europe and South America," said SGS CEO Chris Kirk in a statement.
Geneva-based SGS is the global leader and innovator in inspection, verification, testing and certification services. It operates a network of over 1,000 offices and laboratories around the world.
© 2010 AFP