AE Arma-Elektropanç has sold a majority stake to the Dutch technical services firm, Imtech, as part of a global expansion deal, the Turkish MEP contractor has announced.
Listed on the Netherlands stock exchange, Imtech operates in the field of electrical solutions, ICT and mechanical solutions. It employs more than 28,000 employees and has a turnover in excess of $6.7bn.
“For years, I have been saying that we are on the way to becoming a global company and that we would reach our goal shortly. With this partnership, AE Arma-Elektropanç has reached the last step of its goal to become a global player,” said Kemal Kizilhan, chairman of the contractor, in a statement to MEP Middle East.
He added that the partnership would benefit both companies due to the combination of Imtech’s financial and technical strength and his firm’s strong presence in Turkey, the Middle East, Russia and various former Soviet republics.
“This acquisition is a huge leap forwards for us,” said Imtech CEO, René van der Bruggen. “We are able to create a stepping stone to emerging markets.”
“In our 2015 growth strategy, we have an objective of a revenue level of $10.6bn. We have committed ourselves to strengthening our position in countries new to Imtech, such as Turkey. The AE Arma-Elektropanç acquisition will help us achieve this goal,” he added.