Royal Imtech N.V. has expanded its marine services network with five new offices in France, Morocco and Spain. New offices in Le Havre, Saint-Nazaire and Marseille in France, and Tangier in Morocco followed the acquisition of the French marine services provider ETNA, Etudes Techniques et Nouvelles Applications SA. The company has also opened a new office in Algeciras, Spain.
With its 15 employees, ETNA realises a revenue of around 2.5 million euro annually. The acquisition will be paid in cash and will directly contribute to the earnings per share.
Strategic Growth Plan
René van der Bruggen, CEO Imtech: ‘In our strategic growth plan 2015 we are committed to strengthening our marine activities considerably to a revenue level of approximately 1 billion euro (2010: more than 500 million euro), both organic as well as through acquisitions. One of the growth areas is the international expansion of the number of marine services offices. In France, Imtech already has a service office in Antibes, mainly for luxury mega yachts. With the acquisition of ETNA and the new office in Spain, we can serve our marine customers in Southern Europe and North Africa considerably better, which will lead to further growth.’
Marine Services Provider ETNA
ETNA is a small but strong player in the French marine market. The company has already been operating for many years with increasing success as marine services specialist for technical maintenance and management on the dozens of ships that visit the French ports of Le Havre, Saint-Nazaire and Marseille. The close relationship between France and Morocco led to a Moroccan office being opened a number of years ago. In addition, ETNA is structurally active on a project basis in Tunisia and occasionally in other countries in North Africa. ETNA provides a wide range of electrical solutions on almost all types of ships. A substantial part of its revenue is based on long-term cooperation agreements with customers.
Further Internationalisation
Within the framework of its growth strategy, Imtech Marine is further internationalising its activities. Through new service offices and acquisitions, the company has expanded in China, Turkey and Canada and North America.
