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Forge Group's Peter Hutchinson

Forge to acquire CTEC for up to $38m

Engineering and construction firm Forge Group has diversified into the energy sector through the acquisition of Balcatta-based CTEC Pty Ltd for up to $38.6 million.

CTEC provides engineering, procurement, construction and maintenance services to the energy and utilities sectors.

The acquisition price of a maximum $38.6 million includes an upfront payment of $16 million and deferred payments dependent upon profits in the next two years, and the retention of key executives.

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