700 jobs secured after Imtech Suir acquisition
About 700 jobs have been secured at Imtech Suir, one of the largest industrial engineering companies in the country, with UK private equity firm Endless LLP completing a buyout of the business.
Imtech's parent company, Dutch engineering firm Royal Imtech NV, was declared bankrupt earlier this year in the wake of an accounting scandal in its German subsidiary that led to losses of hundreds of millions of euro. Endless, a specialist turnaround investor, started talks with Royal Imtech NV about the possible sale of Imtech Suir last month.
The deal has now received competition approval, clearing the last hurdle needed for the acquisition to be completed and securing the jobs of the 700 people estimated to be employed by the Waterford-based business.
Financial details of the transaction were not revealed.
A spokesman for Endless said that the there are no job losses planned at Imtech Suir, adding that the firm will continue to trade as normal.
Imtech Suir, which was founded in 1984 by Jer Ryan and Noel Doyle had sales of almost €9m last year and made a profit of €3.6m. It was bought by Imtech in a cash deal in 2007 for a reported €30m.