October 6 (SeeNews) - Dutch-based technical services provider Imtech has acquired Romanian firm Arconi as part of its growth strategy in Eastern Europe, the buyer said on Tuesday.
The transaction has been submitted for approval to the Romanian Competition Authority and is expected to be completed before the end of 2009, Imtech said in a statement without dislosing the value of the acqusition.
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"Imtech aims to further reinforce its position in Eastern Europe in strategic terms. The acquisition of Arconi forms an important milestone," Imtech CEO Rene van der Bruggen said in the statement, adding that the acquisition makes Imtech a leading player in the Romanian market.
He added that Imtech has been active in Romania for many years and has also been collaborating for years with Arconi, which is Imtech’s first acquisition of a medium-sized company in Eastern Europe.
"Further acquisitions in order to strengthen local positions in Eastern Europe are not ruled out," the company said.
Bucharest-based Arconi provides technical services for electrotechnical solutions, air and climate technology, energy, fire protection systems, piping, automatic operating systems and security. The company has an annual revenue of 15 million euro ($22.1 million).
Imtech provides technical services in the fields of electrical engineering, ICT and mechanical engineering. It employs around 22,500 and generates an annual revenue of over 3.8 billion euro. Imtech has 345 offices across Europe.