Amec pays £172m to complete Spie buy

Amec is today (Thursday) paying £172m for the 54% portion of French construction group Spie that it does not already own.

Sir Peter Mason, Amec chief executive, said: "Over the past five years our association with Spie has outperformed our highest expectations. Now the time has come to bring Amec and Spie together."

Amec paid £25m when it snapped up a 42% stake in Spie in February 1997, a move that surprised analysts at the time. However the investment has provided Amec with access to France principally, but also to other continental European markets.

Spie has complemented Amec in railways, energy, oil/gas and pipelines. In January 2001, Amec raised its holding to 46% at a cost of £24m. Spie's profits have grown rapidly, rising to £43m in the 12 months to the end of December 2001. It has net assets of £181m.

Together, Amec and Spie employ over 50,000 people in 40 countries worldwide and generate a turnover of more than £5.5bn.