Imtech will acquire the Turkish maritime technical service provider Elkon. Elkon has over 200 employees and realises an annual revenue of more than 15 million euro. This acquisition contributes directly to the earnings per share.
René van der Bruggen, Imtech’s CEO: ‘With the acquisition of Elkon, Imtech enters the next stage in further internationalising its maritime activities. […] Turkey is rapidly developing into an important centre for new building with ships becoming bigger and more complex. The result is a fast-growing need for new technology. This offers Imtech the chance to provide its technological and service package to the Turkish market and countries allied with Turkey.’
Elkon’s Profile
Elkon was founded 30 years ago and has grown into the most innovative maritime technological services provider in Turkey. After first having focused on merchant marine ship types, the company is now increasingly involved in more complex vessels. The core activities consist of electrical services like electrical switchboards and bridge control systems, and automation of engine rooms and alarm, monitoring and control. Management will continue its activities.
Maritime Strategy
Imtech already has several local offices and production facilities in the Middle and Far East, but Turkey is also becoming a bigger player in shipbuilding. Ships built in Turkey are characterised by their competitive quality to price ratio and the country now also constructs complex vessels such as mega yachts, naval vessels and offshore related ships. Although Imtech is already involved in Turkey as technology partner for two (Milgem Class) corvettes and sixteen patrol ships (New Type Patrol Boats) for the Turkish navy, the need to become a more local player became evident.
Synergy
Elkon will focus on delivering electrical, automation and electrical propulsion systems and services, while Imtech will act as expertise and technology partner. Imtech’s financial position will enable Elkon to start export activities to countries on the borders of Europe and Asia that are allied with Turkey. Elkon can also serve as a cost-efficient production location for Imtech’s product range of electrical systems.
