WSP Acquires Proxion Plan and Proxion Pro, Strengthening Its Critical Railway Infrastructure Expertise in Finland
MONTREAL, March 26, 2024 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) ("WSP" or the "Corporation") is pleased to announce that it has acquired Proxion Plan Oy ("Proxion Plan") and Proxion Pro Oy ("Proxion Pro" and, together with Proxion Plan, "Proxion"), both Finnish companies and subsidiaries of Proxion Oy.
With their combined workforce of 150 employees, Proxion Pro and Proxion Plan form one of Finland's largest rail consultancies and offer a range of railway and railway system design services, including traffic and energy services, as well as safety and security expertise.
The acquisition adds key rail expertise in Finland to WSP's strong Transport and Infrastructure capabilities in the Nordics and strengthens WSP's market position and ability to lead large-scale projects in the Finnish market.
"I would like to extend a warm welcome to Proxion's talented professionals. By combining our respective expertise and teams, we aim to elevate our capabilities, broaden our portfolio, and strengthen our market position in Finland," said Alexandre L'Heureux, President and CEO of WSP Global. "Together, we will be able to seize the most significant and demanding opportunities in the transport and infrastructure sector."
Anna-Lena Öberg-Högsta, CEO of WSP's Nordics region, and Harri Yli-Villamo, Managing Director of WSP in Finland, jointly commented on the transaction: "We are delighted to welcome Proxion's rail experts to our workforce and are eager to join forces to offer expanded rail and advisory services. As the Finnish rail market continues to thrive, WSP's expanded expertise will play a pivotal role in supporting sustainable investments in mobility as part of the green transition."
"Combining Proxion's forward-thinking railway approach with WSP's recognized Transport and Infrastructure capabilities will allow Proxion's professionals to support clients' multidisciplinary project needs and create additional opportunities to expand their network and impact," said Petri Puikkonen, founder of Proxion.
ABOUT PROXION
Proxion Plan offers design services and design-related expert services for infrastructure and built environments. Its core expertise is in the technical design of railways: track, geotechnical, electric track, ERTMS/ETCS and signaling systems, bridge, and superstructure design. In addition, Proxion Plan offers technical design and expert services for the built environment in the fields of electrical systems, lightning, trams, railways, urban areas, environmental, traffic, and traffic systems.
Proxion Pro is a critical infrastructure expert company. It offers services for the following areas: safety and security, training, assessments and approvals, commissioning and measurements, and private track infrastructure management and maintenance. Proxion Pro offers supporting services for its customers through the whole infrastructure lifecycle.
ABOUT WSP
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water and mining sectors. Its 66,500 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity and inclusion. In 2023, WSP reported $14.4 B (CAD) in revenue. The Corporation's shares are listed on the Toronto Stock Exchange (TSX: WSP).
FORWARD-LOOKING STATEMENTS
This press release contains information or statements that are or may be "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, or other statements that are not historical facts. Forward-looking statements in this press release include, without limitation, information and statements relating to Proxion; the expected benefits of Proxion's acquisition; WSP's leadership position in its markets; and statements relating to the Corporation's future growth, business performance, prospects and opportunities. These forward-looking statements are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including assumptions on WSP's ability to achieve synergies and maintain its market position as a result of the successful integration of Proxion; WSP's ability to attract and retain key Proxion employees, management's estimates and expectations concerning future economic and business conditions; and the accuracy and completeness of the information disclosed by Proxion. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding risk factors, which, if realized, could cause the Corporation's actual results to differ materially from those expressed or implied in forward-looking statements, are discussed in greater detail in section 20, "Risk factors" of WSP's MD&A for the quarter and year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and, accordingly, are subject to change after such date. Except to the extent required by applicable law, WSP does not assume any obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or otherwise.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain Michaud
Chief Financial Officer
WSP Global Inc.
Phone: 438-843-7317?
[email protected]
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