Italian energy industry contractor Maire has announced that its subsidiary, KT - Kinetics Technology, has completed the full acquisition of Italy-based APS Evolution. The 100% acquisition of APS Evolution gives KT - Kinetics Technology, and therefore its parent company Maire, control of two engineering firms owned by the former - Italy-headquartered APS Designing Energy and KTI Poland. Maire first announced the acquisition in May, stating the value of the transaction at the time to be approximately €7.7bn ($8.35bn). The company in its statement on 30 May said it paid approximately €1.2m at the closing of the transaction, with the remaining €6.5m to be paid in four instalments due within 2030. “APS Designing Energy and KTI Poland are two engineering companies with a solid international reputation in carrying out projects for the conversion of natural resources (downstream segment), with a specific focus on innovative rubbers, as well as in green chemistry, such as biofuels and bioplastics,” Maire previously said. At the end of the second quarter, the companies generated total revenues of €61.7m, with their total backlog being €137.3m. “The two companies provide a range of services in the whole value chain, from feasibility studies to engineering and project management consultancy, as well as procurement, construction, and training services,” Milan-listed Maire said. “This acquisition will enable Maire to expand its engineering capacity by adding a multidisciplinary team of around 280 experts in different fields, such as process, automation, mechanical, piping, electrical, and civil engineering. “Especially, KTI Poland has a strong footprint in Eastern Europe, which Maire Group will leverage to strengthen its position in the region and seize new opportunities and prospects, especially in the upgrading of existing plants.” (ICE RIYADH)

Fonte notizia: Meed