Team Inc., Alvin, Texas, (Nasdaq: TISI) plans to acquire the stock of Toronto-based Aitec Inc. and its related companies for approximately C$37 million (US$34 million) in cash. Aitec provides nondestructive testing inspection services in Canada to the oil and gas, pulp and paper, petrochemical, power generation and other industries and has 13 service locations across Canada, with its biggest operations in Alberta and Ontario. The deal makes Team the second-largest inspection service provider in Canada.
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