May 26th, 2024

WSP Global says acquisition hunt isn’t over after ‘consolidation’ phase

By The Canadian Press on May 9, 2024.

The WSP Global Inc. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO-WSP Global Inc. *MANDATORY CREDIT*

MONTREAL – WSP Global says acquisitions will remain a key part of its expansion strategy, even after snapping up four companies so far this year.

The engineering firm bought four consulting firms in four countries – Canada, Finland, Spain and the United States – adding more than 800 employees to its workforce.

The purchases follow five other acquisitions since September 2022, when WSP absorbed U.K.-based John Wood Group’s environment and infrastructure business for US$1.81-billion.

The Montreal-based company’s headcount sat at 67,200 as of March 31.

CEO Alexandre L’Heureux says that after a year of “consolidation,” the pieces are in place to continue growing through its existing businesses as well as firms yet to be acquired.

The company says healthy organic revenue growth helped drive a 13 per cent jump in net earnings to $126.8 million in its first quarter.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:WSP)

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