Gouda - Imtech (technical services provider in Europe) will substantially strengthen its position in Romania with the acquisition of the Romanian multidisciplinary technical services provider Arconi. Arconi employs over 200 technical specialists and realises an annual revenue of about 15 million euro. The acquisition price (including the earn-out) will be paid in cash. Arconi will immediately contribute to earnings per share.

Imtech CEO René van der Bruggen: ‘Imtech aims to further reinforce its position in Eastern Europe in strategic terms. We have been steering towards this for many years, step by step. The acquisition of Arconi forms an important milestone. For the first time, we will be acquiring a medium-sized local Eastern European company. Arconi is a strong Romanian player that we have worked together with for many years out of Germany. As a result, we know all the ‘ins and outs’ of the company. This will create a solid foundation for the further improvement of our position in the years ahead. Via Arconi, we will in due time be able to offer the entire range of Imtech services to Romanian clients. Imtech Deutschland (Germany) will function as a cornerstone in this process. Further growth is on the horizon, particularly since there is a growing demand for high-grade technical solutions in Romania.’

Arconi profile
S.C. Arconi Grup S.A., established in Bucharest, is one of the larger players in the Romanian market for technical services. The company was founded in 1991 and has enjoyed rapid growth, particularly over the last five years. Arconi is characterised by an excellent reputation, possesses all the required (quality) certificates and distinguishes itself through its high-quality solutions, relying on a wide range of technical competences that are presented in a multidisciplinary offer to an extensive and well-distributed clientele. This involves a combination of electrotechnical solutions, air and climate technology, energy, fire protection systems, piping, automatic operating systems and security. Arconi is active in the market segments offices, banks, department stores, hospitals, retail and hotels. In addition, Arconi is becoming increasingly active in the industrial market. Examples of recent technological projects include a bank building of the Romanian bank BRD Splaiul Unirii, the Romfelt Plaza Residence (a large multifunctional building with a floor space of 100,000 m² and countless high-tech facilities), the upgrading of the American Embassy, an office for the insurance company Asit Insurance and an industrial project at Pentaco, a manufacturer of construction materials.

Imtech and Arconi: well-acquainted
Working out of Germany, Imtech has been active in Romania for many years, and has also been collaborating for years with Arconi. This is why both companies are very familiar with one another and enjoy a strong relationship of trust. In 2008 and 2009, Imtech and Arconi worked together on the technological renovation of the Intercontinental Hotel in Bucharest and on the technology in several mega-supermarkets owned by Selgros. This collaboration will be formalised with the acquisition. The entire management team, including Mr Gavrilut, the President of Arconi, will remain attached to the firm for a minimum of five years after the acquisition. This statement will safeguard continuity. In addition, from the Netherlands, Imtech is also exporting high-tech solutions for the measurement of the quality and output for the Romanian oil and gas industry.

Romania: land of opportunities
Romania has been a member of NATO since 2004 and a member of the European Union since 2007. With a population of over 22 million, it is the seventh-largest country within the European Union in terms of population size and the ninth-largest country in terms of area. The Romanian economy has been developing successfully since the year 2000. In 2008, the Romanian economy grew by over 7%. Although the current economic crisis has also had its effect on Romania, the country nevertheless has a broad economic potential and a strong and growing demand for high-quality technical solutions. Arconi has a substantial order portfolio for both the years 2010 and 2011.
The transaction has been submitted for approval to the Romanian Competition Authority and is expected to be completed before the end of 2009.

Imtech growth strategy in Eastern Europe
Imtech has adopted an ambitious growth strategy for Eastern Europe, which is elaborated step by step. In Poland, Imtech has developed via autonomous growth into one of the strongest technical services providers in the buildings, industry, traffic and maritime markets. In Russia, Hungary and the Czech Republic, Imtech carries out multiple technical projects for both German and local clients, working from local offices and out of a strong position in Germany. In Croatia and Bosnia-Herzegovina, Imtech has a solid position in the traffic market. In Croatia, the Slovak Republic and Slovenia, Imtech is increasingly active in the area of IT solutions in the logistics market. From its strong position in Scandinavia, Imtech is investigating the options of becoming active in due time in the Baltic States. The acquisition of Arconi considerably strengthens the company’s position in Romania. Combined, the activities of Arconi and of Imtech Deutschland make Imtech a leading player in the Romanian market. Further acquisitions in order to strengthen local positions in Eastern Europe are not ruled out.