Hargreaves Services is to acquire Norec, the Barnsley-based provider of contract management services to the power generation, utilities and minerals industries, for £5.5m in cash. The amount is subject to an adjustment upwards or downwards of up to £1.5m, depending on Norec's financial performance for the year to 31 December 2006. Hargreaves will also offer share options to key members of the Norec management team following completion. The acquisition will be add 510 staff to Hargreaves' existing industrial services business. "I am delighted with the completion of the Norec acquisition; this is a long established business with a proven team and a track record of delivering high quality services. said Gordon Banham, Chief Executive Officer of Hargreaves Services.