Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Imtech To Buy AE Arma-Elektropanç To Create Extra Growth Potential

3/12/2012 2:41 AM ET

Imtech N.V. (IMTEF.PK) announced the acquisition of the Turkish technical services provider AE Arma-Elektropanç.

Imtech said it will initially acquire 80 percent of the shares with the remaining 20 percent being acquired in the future. The initial acquisition price amounts to almost five times the EBITA and will be paid in cash. The company added that the acquisition contributes directly to the earnings per share and will enable it to acquire a strong position in Turkey as well as a stepping stone in emerging markets such as the Middle East, Russia and various former Soviet Republics.

René van der Bruggen, chief executive officer of Imtech, stated, "This acquisition is a huge leap forwards for Imtech. In our 2015 growth strategy (objective: revenue level of 8 billion euro), we have committed ourselves to strengthening our position in countries new to Imtech, such as Turkey. The AE Arma-Elektropanç acquisition will help us achieve this goal. Under Imtech's robust financial wings, AE Arma-Elektropanç will be able to grow further. As an extension of the AE Arma-Elektropanç activities, in time further acquisitions in these countries will also be possible. This new acquisition enables us to create extra growth potential."

Register
To receive FREE breaking news email alerts for Imtech NV and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin. Russian Foreign Minister Sergei Lavrov warned Wednesday that Moscow would retaliate strongly if its "interests" in Ukraine are attacked. He also criticized the Ukrainian administration for relaunching its so-called anti-terrorist operation in the east of the country a day earlier. Lavrov's remarks came in an interview with Russia Today, which published excerpts of the English-language interview to
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.