Imtech: Imtech concludes its strategic review in Turkey
January 17 2014 - 1:30AM
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.
More
information
Media: |
Analysts & investors: |
Dorien Wietsma
Director Corporate Communication &
CSR
T: +31 182 54 35 53
E: dorien.wietsma@imtech.com
www.imtech.com |
Jeroen Leenaers
Director Investor Relations
T: +31 182 543 504
E: jeroen.leenaers@imtech.com
www.imtech.com
|
Imtech
profile
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.
Imtech concludes its strategic
review in Turkey
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The issuer of this announcement warrants that they are solely
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information contained therein.
Source: Imtech via Globenewswire
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