The acquisition by Imtech in Ireland is expected to be completed by the end of the year subject to approval from the Irish Competition Authority.
Suir generated a turnover of €63 million in the financial year ending July 31st 2007.
Imtech has annual revenues of approximately €3 billion.
Speaking to euroinvestor.co.uk, René van der Bruggen, Chairman of the Board of Management of Imtech, said: "For us Ireland is an attractive and fast growing market in which, based on our strategy, we would like to be active. Suir Engineering is one of the largest E&I contractors in Ireland with a technological tradition that fits in seamlessly with that of Imtech.
-- Advertisement --
“Although active in many sectors, the business has particular expertise in the rapidly growing pharmaceutical industry. Suir works for nearly all the reputable pharmaceutical companies and supplies high added value. Via Imtech, Suir can further expand its services provision and follow its international clients in Europe through Imtech's existing infrastructure."
Waterford based Suir's past clients include Aer Rianta, Baush & Lomb, Iarnrod Eirann, IBM, Intel, Genzyme and Johnson & Johnson Guidant/Abbott.
(GK/SP)
