Press release BoxID: 651888 (Imtech N.V)
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  • Jeroen Leenaers
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Imtech: Imtech concludes its strategic review in Turkey

(PresseBox) (Gouda, ) Imtech announces the disposal of AE Arma-Elektropanç (Arma) after finalizing its strategic review in Turkey as announced on 7 November 2013. As part of this strategic review Imtech has concluded that the profile of Arma is not in line with the group's current strategic framework. Imtech will sell back its 80% shareholding to the previous owners and management of the company. Arma is conducting business in Turkey as well as in amongst others Russia, Middle East and Azerbaijan. Imtech acquired 80% of the shares in Arma in April 2012. Arma contributed 78 million euro to group's revenue for the 2012 financial year.

From the 80% of the shares to be sold, initially 31% of the shares will be transferred. The remaining 49% of the shares will be transferred as of 30 September 2014. The consideration of 21 million euro will be paid partly upon closing and partly through instalments until 31 December 2015. As a result of this transaction, Imtech will include Arma as asset held for sale in its balance sheet effective 31 December 2013. This transaction will result in a non-cash write down of the book value of approximately 40 million euro. Closure of the transaction is subject to approval of the Turkish competition authorities.

Imtech N.V

Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, ICT and mechanical solutions. With approximately 29,000 employees, Imtech is active in the buildings and industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain, the European markets of ICT and Traffic as well as in the global marine market. In total Imtech serves 24,000 customers. Imtech offers integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for customers and the customers they, in their turn, serve. Imtech also offers solutions that contribute towards a sustainable society - for example, in the areas of energy, the environment, water and traffic. Imtech shares are listed on the NYSE Euronext Amsterdam, where Imtech is included in the AEX Index.