NEW YORK (AP) -- Design firm Stantec Inc. said Thursday it agreed to buy Cimarron Engineering Ltd., a Canadian consulting firm that specializes in designing oil and gas pipeline systems.
Financial terms were not disclosed.
Cimarron has 290 employees and was created in 1985. Stantec said the deal would improve its ability to handle large oil and gas projects, especially pipelines.
Cimarron is working on TransCanada's Keystone Pipeline between Canada and the U.S. and Enbridge's Woodland Pipeline in the Canadian province of Alberta. Another division designs high-voltage electrical systems for utilities and energy companies.
The company has offices in Calgary and Edmonton, where Stantec's oil and gas and power groups are also located.
Stantec shares fell 74 cents, or 2.7 percent, to $26.61 in afternoon trading.
