Erbud to takeover German IVT Weiner + Reimann

WSE-listed builder Erbud has agreed terms to takeover German IVT Weiner + Reimann which specializes in providing complex services for industry. The exclusivity to finish the negotiations will run till end-March, the company said in a market filing. 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 “The acquisition of a German company is an element of the consistent implementation of our business model. It assumes, among others, foreign expansion, broadening the portfolio of services provided, acquiring new know-how and building a stable portfolio of orders,” said Erbud CEO Dariusz Grzeszczak.