Engineering company Keller Group has agreed to acquire Singapore-based Resource Holdings for S$68.2 million (£30.6 million).

Engineering company Keller Group has agreed to acquire Singapore-based Resource Holdings for S$68.2 million (£30.6 million).

Resource Holdings is a contractor for the construction industry, specialising in building and repairing foundations. The company generated turnover of S$116 million (£52 million) and operating profits of S$23.9 million (£10.7 million) in the year ending March. The senior management of the company is remaining with the business and the deal is expected to complete by the end of October.

Justin Atkinson, chief executive of Keller, said the deal would increase the size of the group’s operations in South East Asia.

In the six months ending June, Keller reported a three per cent decrease in revenue to £552.6 million and pre-tax profits of £41 million.