IM Ingram Micro Inc. (delisted)

Gouda, The Netherlands - Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe) announces that it will be acquiring the Finnish technical services provider EMC Talotekniikka Oy. With 580 employees, this company realises annual revenue of over 100 million euro. The acquisition price is in line with Imtech's previous acquisitions in Finland and will be paid in cash. The acquisition will immediately contribute to the earnings per share, and will enable Imtech to strengthen its position in Finland considerably.

René van der Bruggen, CEO Imtech: 'In the framework of our 2015 growth strategy, we would like to achieve considerable growth in the Nordic region (Sweden, Norway and Finland). Revenue here amounted to almost 700 million euro in 2011. Through a combination of organic growth and additional acquisitions we are striving to achieve around 1 billion euro revenue in this region by 2015. The acquisition of EMC Talotekniikka fits well in this growth scenario, also because until now our position in Finland has been limited. The new Imtech company is ready for its next growth phase. Considerable growth is expected in the coming years on the basis of the market potential in Finland, EMC Talotekniikka's specific strengths, Imtech's financial security and continuity, and the available cross-selling potential.' 

EMC Talotekniikka profile
EMC Talotekniikka was created in 2007 through the combination of four medium-sized technical services providers that were established partly in 1925. The Finnish private equity company, Vaaka Partners Oy, acquired the majority of the shares in 2007, with other shares being owned by the management, Keskinäinen Eläkevakuutusyhtiö Etera and Suomen Teollisuussijoitus Oy. Various acquisitions were made to strengthen its geographical and technical position (in energy and building automation for example), and its position in project management and consultancy. The strong position and considerable growth of the company is a result of both organic growth and acquisitions.

EMC Talotekniikka is a top-5 player in the technical services market with national coverage through 11 branches in three regions in northern, central and southern Finland. There are four business units: Building Systems, Technical Services, Pipeline Renovation and Products & Prefabrication. Multi-disciplinary technical projects, the combination of among others electrical services, energy, mechanical services (air, climate, air-conditioning), security and telecommunications, are carried out in the buildings and industry markets, in both new-build and maintenance and management, including technical services. Good positions are held in the segments of (public) buildings, retail, education, care, recreation, energy, mining, and heavy and light industry sectors. EMC Talotekniikka also specialises in project management, energy solutions and building automation.

In Finland there is a specific incentive scheme for the renovation of (the technical and energy infrastructure in) older apartment complexes. EMC Talotekniikka is one of the strongest players in this field with dozens of large projects each year. The Silotek® prefabrication solution was devised for these projects. This is produced under own management and is an energy-efficient, multi-functional pipeline system for water, heating, electricity and other media. Silotek® is innovative, needs little space, meets the highest safety and fire safety standards and can be installed easily.

The company acts as permanent technology or maintenance partner for a large group of customers, including Varma, Sponda, Etera and Ovenia. There is also a good spread of activities in terms of project size and geography and across different technologies and market segments.

Ready for the next growth phase
EMC Talotekniikka is ready for the next growth phase. The company is healthy and well-organised, and the management, which will remain following acquisition, has a sound ambition. The acquisition by Imtech offers the perfect springboard for this. The market and the achieved market positions offer solid starting points for further growth. Various large investment projects will become available in the medium-term. The incentive scheme for renovating older apartment complexes demonstrates considerable investment impulses. The range of customers here has expanded from housing corporations to private apartment associations. Extra growth markets include recently opened steel, nickel and gold mines in the north of Finland, and position expansion in the Helsinki region. 

Cross-selling potential
From its strong position in Sweden, Norway and Finland, Imtech EMC Talotekniikka can offer further growth potential, mainly through cross-selling within specific technical competences such as energy, complex energy infrastructures, green (LEED/BREEAM) buildings, care & cure, biomass and specific electrical industrial competences. Within the broader Imtech portfolio there are also opportunities in other Finnish market segments, including power plants, decentralised energy services, water and waste water treatment, and waste-to-energy.

Imtech in Finland
Imtech already holds positions in industry in central Finland and in the traffic market nationwide. In July 2012, Imtech acquired technical services providers SSR and Polar (50 employees, annual revenue of around 15 million), thereby further strengthening its industrial and traffic position. The EMC Talotekniikka acquisition almost completes Imtech's position in Finland.

Approval of competition authorities
The acquisition is subject to the approval of the Finnish competition authorities. The acquisition is expected to be completed by early 2013.

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Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, ICT (information and communication technology) and mechanical solutions. With 29,000 employees, Imtech achieves annual revenue of more than 5.1 billion euro. Imtech holds strong positions 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 23,000 customers. Imtech offers added value with 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 Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600 index.

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