Erbud to acquire German IVT Weiner + Reimann

WSE-listed builder Erbud signed a conditional €8.5 million deal to takeover German IVT Weiner + Reimann, the company said in a market filing. ”Another foreign company in Erbud's structures will enable to increase profitability and also increase the share of revenues generated outside of Poland to over 20 percent,” company’s CEO Dariusz Grzeszczak said. IVT was established in 1982 and employs some 230 people. Its main activity concerns engineering and service support for industrial facilities, assembly, and maintenance of industrial projects. It generates average annual profit of €0.9 million, EBITDA of €2 million and €23 million in revenues