CORRECTED - CORRECTED-UPDATE 1-CVTech to buy US-based Riggs Distler for $37.
(Corrects currency in paragraph 4 to Canadian dollar)
* Move to expand in N American industrial, utility mkts
* Sees Riggs' '09 contract rev to be same as '08
July 15 (Reuters) - CVTech Group Inc (CVT.TO), a Canadian electrical services provider, said it agreed to acquire Riggs Distler & Co Inc, a maintenance and construction services provider, for about $37.1 million in cash and stock, to boost its North American industrial and utility markets.
Cherry Hill, New Jersey-based Riggs Distler had contract revenue of $116.8 million, with net earnings of $5.4 million for 2008, CVTech said.
CVTech, which makes continuously variable power transmission systems, said following the acquisition, it expects Riggs' contract revenue for 2009 to be at least similar to last year's.
The acquisition costs were about C$2.3 million, the company said in a statement.
Shares of CVTech closed at C$1.45 Tuesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Gopakumar Warrier)
