09:31:55 EDT Tue 30 Apr 2024
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Stantec Inc
Symbol STN
Shares Issued 114,066,995
Close 2024-01-09 C$ 106.94
Market Cap C$ 12,198,324,445
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Globe says Stantec buys Ontario's Morrison Hershfield

2024-01-10 08:56 ET - In the News

The Globe and Mail reports in its Wednesday edition that engineering giant Stantec has acquired Morrison Hershfield, a Markham, Ont., company with 22 offices across North America, boosting its Canadian work force by 1,150 employees and doubling its transportation presence in Ontario. The Globe's Irene Galea writes that the deal marks the latest in a string of acquisitions for Edmonton-based Stantec, which is following a long-term strategy of bolt-on buys to expand its employee base and expertise. It also fits in with a broader trend of consolidation within the engineering and construction industry, as large global firms fight to increase their scale and jump into new markets. The company is not making acquisitions just for the sake of getting bigger, Gord Johnston, Stantec's president and chief executive officer, told The Globe. Instead, the company is focused on adding employees to increase its range in new and growing industries, such as data centres and lithium batteries. "We turn away 95 per cent of the opportunities that are presented to us," Mr. Johnston said. "We're not looking for a lot of costs synergy. What we're really looking for is revenue synergy, and we absolutely have it with Morrison Hershfield."

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