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WorleyParsons today announced the formation of a joint venture with Chilean engineering services company, Arze, Recine y Asociados Ingenieros Consultores S.A.
The joint venture, ARA WorleyParsons S.A. will commence operations on 14 November 2006, with 450 people located primarily in Santiago Chile.
ARA WorleyParsons will support the development of the minerals & metals business in Chile and other countries in South America and provide additional resources to support the existing WorleyParsons minerals and metals business.
The joint venture, in which WorleyParsons will have a 50% interest, has been purchased for US$10.0 million representing an acquisition multiple of approximately 6.5 times 2006 EBIT.
