ENGINEERING company WorleyParsons will acquire US-based management consulting firm MTG for an undisclosed sum, the company has announced.

MTG specialises in providing advice to the exploration and production, midstream, refining and marketing, petrochemicals and chemicals industries.

The company, which has operations in North America, the United Kingdom and Australia, will be integrated into WorleyParsons’ advisory business Advisian.

Completion of the acquisition is expected by the end of October 2014.

WorleyParsons chief executive Andrew Wood said the acquisition provided the company with another important building block in the growth of Advisian.

The acquisition came after WorleyParsons reported a 23 per cent fall in net profit to $249 million for the 2013-2014 financial year – which it attributed to a downturn in its Australian business.

The company had cut 1,700 jobs throughout the year.

“We have taken decisive action to improve margins and ensure the business is responding to market conditions and our customers’ needs,” Mr Wood said at the time.

“We have refocused our strategy to more aggressively leverage our broad and deep technical capabilities and our diverse geographic presence.”