Imtech acquires Mavisa in Spain

Monday, 25. April 2005 07:30

* Imtech becomes one of the larger technical service providers in
* Mavisa: top-5 position on the Spanish market for industrial
technical services, turnover 100 million euro

Gouda, 25 April 2005 - Imtech N.V. (technical service provider in
Europe) announces the acquisition of the Spanish industrial technical
service provider Mavisa. This will considerably strengthen the
position of Imtech on the Spanish market. The purchase price,
including an earn-out period, will be about five times the EBIT over
2004 of Mavisa and will be paid in cash. The acquisition fits with
Imtech's strategy of further growth in Europe and will make an
immediate contribution to the earnings per share.

Profile of Mavisa
Mavisa, Mantenimiento y Montaje de Tuberiás SA, was established in
1986 and has a top-5 position on the Spanish market for industrial
technical services. Mavisa carries out the following activities:
* industrial maintenance (preventive, corrective and predictive
* assembly (electrical and mechanical engineering);
* industrial shut-downs;
* revamping services;
* engineering and consultancy.

The 2004 turnover was about 100 million euro. About 40 percent of the
turnover is related to industrial maintenance with a corresponding
higher margin. The other activities together account for 60 percent
of the turnover. This means there is a satisfactory spread in
activities. Mavisa has 700 employees. Depending on the number of
industrial shut-downs and revamps in execution, this personnel base
is supplemented with extra labour force from subcontractors and
labour pools, giving the company a substantial level of flexibility.
To support its activities, Mavisa has its own well-equipped
industrial workshop.

Mavisa has a customer base of more then 200 large industrial
companies with a concentration of activities in the major chemical
and petrochemical complexes and steel industry in southern Spain
(Algeciras and Huelva), Madrid and Puertollano. Beside this the
company is also active in the food, beverage and tobacco industry,
the pharmaceutical industry, the car industry, the maritime sector
and in the field of the environment and energy. Mavisa has a good
reputation and works for major national and international customers
such as Repsol-YPF, Cepsa, BP, GE Plastics, Aceralia (Grupo Arcelor),
BASF, Acerinox, SunChemical and Peugeot. Repsol-YPF, Cepsa and BP
combined represent 75% of the Spanish chemical / petrochemical

In recent years, the company has been growing as a result of a good
combination of professional services, custom-made work, quality,
service and safety. This way, the growing Spanish market has been
secured gradually. Mavisa has eight branches in Spain altogether:
Algeciras (head office), Madrid, San Roque, Puertollano, Huelva,
Castellón (close to the extensive BP petrochemical plant), Cartagena
(near the large chemical plant operated by GE Plastics) and Tenerife
(for the petrochemical industry in the Canary Islands). This means
there is a satisfactory geographical spread in the activities.

Mavisa has all the necessary certificates (including UNE, EPA, APHA,
ISO, IMO, ASTM etc.), is capable of carrying out consultancy,
laboratory and environmental studies in accordance with the most
stringent standards, and after a comprehensive audit, has been
assigned a partner contract with the Spanish Ministry of the

With the current management a contract has been signed that engages
them to the company for a period of five years. Herewith continuity
is guaranteed.

The Imtech strategy is directed at further growth of activities in
Europe, both autonomous and by means of acquisitions, focussed on
Spain and the UK. The objective is to achieve a prominent market
position (at least top-3) in these countries, analogously to the
positions held in Germany, the Netherlands, Belgium and Luxembourg.

At present, Imtech is primarily active in Spain as a provider of full
mechanical engineering services, particularly in the major economic
regions around Barcelona, Madrid and Valladolid. Recently an office
was opened in Valencia. The present turnover of these activities is
approximately 50 million euro. A large proportion of this turnover is
generated in the buildings market, but Imtech also booked autonomous
growth in the industrial sector in 2004, particularly in the chemical
industry and the automotive industry.

With the acquisition of Mavisa Imtech has a top-5 position in the
Spanish market for industrial technical services. The substantial
increase in scale with the extensive network of offices will make it
possible for the buildings activities to grow faster and to achieve
additional industrial growth in and outside current geographical
regions. Imtech's strong financial position is an important factor in
this context. For international customers it will be possible to
create synergy in countries such as Belgium, Germany, Luxembourg, the
Netherlands, Spain, the UK and various countries in Eastern Europe.

From a strategic point of view, Imtech is, in addition to autonomous
growth, targeting to further strengthen its position in Spain through
additional acquisitions.

Further information
Imtech N.V.
Mark Salomons
Company Secretary
Telephone: +31 182 54 35 14

Imtech N.V. is a European technical service provider in the field of
information & communication technology and electrical and mechanical
engineering. With approximately 13,000 employees, Imtech realizes an
annual turnover of more than 2 billion euro. Imtech holds strong
positions in the buildings, industry, marine, infrastructure and
telecoms markets in Belgium, Germany, Luxembourg, the Netherlands
Spain and the UK and is also active in Eastern Europe. Imtech shares
are listed on the Euronext Stock Exchange (Amsterdam), where Imtech
is included in the Amsterdam SmallCap Index (AScX) and the Next 150
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