Imtech will acquire Spitsbergen VVS AS, Norway’s ‘greenest’ provider of technical services. The company record annualised revenues in excess of 4 million euro and is based at Longyearbyen in the north of the Arctic Circle.
This area is entirely self-supporting with regard to energy and will be energy-neutral in 2025. The company plays an important role in this setting. The acquisition contributes directly to earnings per share.
Profile of Spitsbergen VVS
Spitsbergen VVS AS has more than 20 permanent employees and records annualised revenues in excess of 4 million euro. The company is headquartered at Longyearbyen on the Norwegian island of Svalbard in the north of the Arctic Circle. Spitsbergen VVS was established more than ten years ago and has developed in this relatively sparsely populated area into the strongest mechanical engineering company with unique competences in the field of sustainable technology.
Polar Winters Demand Sustainable Solutions
The requirements that the polar winter of almost 100 days imposes on energy supplies demand specific sustainable solutions and technological innovation. This is what makes Spitsbergen VVS the ‘greenest’ technical services provider in Norway with unique competences in terms of energy conservation, thermal heating, energy storage and distribution and specific technical services concepts.
Investments in Offshore
Spitsbergen VVS will form part of NVS Norway. Besides fulfilling the role of a competence centre for sustainable energy technology in Norway, the company has attractive growth potential. This stems from the sharply rising investments in this region for the exploitation of natural resources (oil, gas and other energy sources) and firm plans to set up leading environmental research institutes in the region. These institutes will focus on studying climate changes as these happen much faster in this polar region, making it possible to predict climate effects elsewhere on the globe. Also there is a strong research link with the University of Tromsø in Svalbard.
Further Growth in the Nordic Region
Imtech acquired NVS, one of the largest technical services providers in Sweden, Norway and Finland, at the end of 2008. After acquiring three smaller companies in Sweden and Norway in 2009, the Norwegian company FCC Sprinkler & Service, a high-tech sprinkler specialist was taken over in April 2010.
