- Stantec (STN) has completed its acquisition of Teshmont, a Canadian-based electrical engineering consulting company
- Founded in 1966, Teshmont specialises in high voltage power transmission and distribution engineering
- The acquisition comes as part of Stantec’s strategic transition to a greater focus on renewable energy
- The International Energy Agency has forecast approximately C$17.3 trillion in renewable energy spending from 2020 until 2025
- Stantec (STN) is currently up 0.074 per cent to $40.46 per share at 10:12am EDT
Stantec (STN) has completed its acquisition of Teshmont, a Canadian-based electrical engineering consulting company.
Founded in 1966, and with offices in Winnipeg and Calgary, Teshmont specialises in high voltage power transmission and distribution engineering and has worked with more than 300 clients across 50 countries.
Stantec says the acquisition is expected to bolster its Power division, specifically its Energy and Resources operations in Winnipeg, as well as its growing renewable energy portfolio that includes wind, solar, hydro, co-generation and energy capture programs.
Ralph Kurth, President of Teshmont, commented on the acquisition and noted the company’s successful history of working together on a number of challenging projects.
“This acquisition provides our employees with a number of new opportunities, including career growth, the ability to work in new markets across the world, and the ability to provide a number of new services for our clients, including civil, mechanical, geotechnical engineering, and environmental services,” he added.
The deal comes as part of Stantec’s strategic transition to a greater focus on the renewable energy sector, which the International Energy Agency predicts will see approximately C$17.3 trillion in spending between 2020 and 2025.
David Bernier, Senior Vice President of Power at Stantec, noted that the existing relation ship between the company and Teshmont provides an excellent framework for how the two teams will come together as one entity moving forward.
“Teshmont brings passionate, talented employees to our offices in Alberta and Manitoba, but I know their global expertise will be invaluable to clients and colleagues across our company,” he said.
Stantec (STN) is currently up 0.074 per cent and is trading at $40.46 per share at 10:12am EDT.