Imtech N.V. is expanding its marine services network with a total of five new offices in France, Morocco and Spain. This concerns offices in Le Havre, Saint-Nazaire and Marseille in France and Tangier in Morocco following the acquisition of the French marine services provider ETNA, Etudes Techniques et Nouvelles Applications SA.
With its 15 employees, ETNA realises revenue of around 2.5 million euro annually. The acquisition will be paid in cash and will directly contribute to the earnings per share. In addition, Imtech has opened a new marine services office in Algeciras in Spain.
René van der Bruggen, CEO Imtech: "We have a strong position in the global marine market, are active in more than 20 countries and have, as sole marine technical services provider, more than 70 offices along all the important shipping routes. In our strategic growth plan 2015 we're committed to strengthening considerably our marine activities to a revenue level of approximately 1 billion euro (2010: more than 500 million euro), both organic as well as through acquisitions. One of the growth areas is the international expansion of the number of marine services offices. In France, Imtech already has a service office in Antibes, mainly for luxury mega yachts. With the acquisition of ETNA, three French offices and one Moroccan office are being added to our marine services network. At the same time, we are opening our own service office in Spain. This will enable us to serve our marine customers in Southern Europe and North Africa considerably better, which will lead to further growth."
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