Gouda, The Netherlands - Imtech N.V. (technical services provider in Europe) announces that it has acquired the Irish based Suir Engineering Limited. Imtech is taking over the entire issued share capital from its present shareholders. With 550 employees, Suir generated revenue of 63 million in the financial year ended on 31 July 2007. The acquisition price (including earn out) is based on a multiple of over six times normalised EBITA of 2007. This acquisition price will be paid in cash. The acquisition will contribute immediately to the Imtech earnings per share.

René van der Bruggen, Chairman of the Board of Management of Imtech, is pleased with the acquisition: ‘For us Ireland is an attractive and fast growing market in which, based on our strategy, we would like to be active. Suir Engineering is one of the largest E&I contractors in Ireland with a technological tradition that fits in seamlessly with that of Imtech. Although active in many sectors, the business has particular expertise in the rapidly growing pharmaceutical industry. Suir works for nearly all the reputable pharmaceutical companies and supplies high added value. Via Imtech, Suir can further expand its services provision and follow its international clients in Europe through Imtech’s existing infrastructure.’

Strategy
Imtech recently presented an update until 2012 to its strategy. This update included not only strategic strengthening of the company’s position in some of its existing home markets (particularly the UK, Spain and Eastern Europe) but also incorporated efforts aimed at building up a position in Ireland. This was decided because the country meets the Imtech criteria for market volume and expectations, investment climate, business culture, and availability of good acquisition candidates. With the acquisition of Suir Imtech takes a first step into Ireland. The Irish economy has consistently showed a level of economic growth above the European average for the last number of years. Investments in technology have showed an even higher growth. A structurally high level of investment is also expected for the future. The establishment of substantial economic incentive programmes also adds to the market’s appeal.

Profile of Suir Engineering
Suir Engineering is on of the largest E&I contractors in Ireland and is among the top 3 players in the Irish industrial technology market. Suir is specialised in electrical engineering, instrumentation, automation, and control. These services are offered in combination (total projects) wherever possible. In addition Suir has a separate department specialised in mechanical engineering with a broad range of solutions in the area of climate technology (heating, ventilation, air conditioning). Suir has been around for almost 25 years and is a business with a long tradition and an excellent reputation. The headquarters are located in Waterford City, with an office in Dublin. The company’s activities are primarily focused on offering total technology solutions for the rapidly growing Irish pharmaceutical industry. The wide circle of clients includes large pharmaceutical companies like Wyeth Medical Ireland, Johnson & Johnson (Centocor, Janssen Pharma and Vistakon), Genzyme, and Quidant/Abott. These and other clients are supplied with valuable technology, for example to equip high-tech biotechnology centres, biopharmaceutical centres, and pharmaceutical production centres. The added value is high. In addition the company is active in other sectors, including chemicals, health care and the transport sector. It also has a position in the Buildings services market, mostly in the form of larger long-term projects, for instance the airports of Cork and Dublin and Beacon Court Hospital in Dublin.

Synergy
Via Suir Engineering, Imtech will gain access to the Irish market, on which it is only rarely active at the moment. As an independent subsidiary Suir will be part of Imtech Technical Services Ltd. and report to the chairman of the Executive Board of Imtech UK (Jim Steele). This makes a link to the activities in the UK possible and joint activities can be undertaken as part of certain projects – if desired. Via Imtech Technical Services the activities in the area of mechanical engineering (air and climate solutions) can be further expanded in the long term. Suir’s core business, technology for the pharmaceutical industry, can be strengthened in a number of ways: by means of special expertise in the UK, and also from Imtech’s other European competence centres. Imtech does, after all, have an excellent position in the pharmaceutical market in Germany, Belgium and the Netherlands and works for nearly all the large pharmaceutical companies. It primarily provides solutions that are not a part of Suir’s current package of services, for example energy contracting, piping, warehousing (automatic repositories) and the technological equipment for laboratories. Suir in turn can profit optimally from Imtech’s existing infrastructure (more than 200 locations) within Europe and thereby follow its clients through Europe. Additional opportunities for growth can also be found for expanding the company’s position in the Irish Buildings market. At the same time the successful Imtech Process in the UK will give Imtech access to the Irish water (purification) industry. Also a foundation will be laid for the growth of Peek Traffic, a technical services provider and system integrator recently acquired by Imtech and specialised in total mobility solutions. This company is already operating in Ireland.

Status
The transaction, which is subject to approval from the Irish Competition Authority, is expected to be completed by the end of the fourth quarter of 2007. The senior management of Suir have agreed to stay on after the acquisition. It is also expected that the other staff will remain. This will guarantee continuity. All those involved see positive opportunities for growth in the activities.