Tulsa based Matrix Service Company is buying Norwegian based Kvaerner North American Construction, Inc. (KNAC) from Norwegian firm Kvaerner ASA in an all-cash transaction worth $80.3 million, Matrix announced Monday.
KNAC provides maintenance and capital construction services to North American power generation, integrated iron and steel and industrial process facilities. The business will continue under the leadership of its management and operational teams.
Kvaerner North American has offices in Canonsburg, PA., Hammond, Ind., and Ontario, Canada.
"The business has over 35 years of successful delivery of maintenance and capital construction services, and this transaction will provide Matrix Service Company with a unique service offering that complements and enhances our existing platform," Matrix CEO John Hewitt said in a statement. "Strategically, this transaction achieves many of our goals by expanding our geographic footprint in the midwest and Ontario, enhancing our capital construction skills and further strengthening our market position as a union contractor."
Matrix Service Company provides engineering, fabrication, construction and maintenance services to electrical infrastructure, oil gas and chemical, storage solutions and industrial markets. Matrix has regional operating facilities in the U.S. and Canada.