Genivar buys WSP
Canadian consultant Genivar is buying consultant WSP for around £278M, it has been announced.
Genivar works predominantly in Canada and has bought WSP to expand its global reach. The combined entity will trade as WSP Genivar. WSP chief executive Chris Cole is to remain as executive chairman of the combined group.
WSP has found its transport and infrastructure business in 2011 a challenge, with a drop of approximately 150 staff in its UK transport business during 2011.
It has been particularly tough in the UK in this sector, as it saw a significant reduction in public expenditure especially in higher margin consultancy activities.
‘The UK public sector spending cuts have had a major impact on the performance of our business,’ WPS said.
The UK roads sector has been particularly hard hit with capital expenditure severely curtailed.