STS bought by German giant Dussmann
Waterford-based engineering company STS Group is to be bought by Germany's Dussmann Group.
STS has 700 employees across the globe and annual turnover last year was €150m.
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Founder Eddie Walsh was previously managing director and a minority shareholder in Suir Engineering, which was sold for €30m in 2007 to the Dutch PLC Imtech.
STS provides engineering services to sectors including pharmaceuticals, medical devices and data centres in Ireland, Europe and the Middle East.
Berlin-based Dussmann operates in sectors including healthcare, catering and facilities management. It had a €2.34bn turnover last year and 66,122 employees in 17 countries.
The sale is expected to close in June.
STS will remain an independent subsidiary within DTS and all staff and employees of STS will be unaffected by the sale, Dussmann said.