Maire’s KT-Kinetics Technology completes acquisition of engineering company APS Evolution

Maire announced July 30 that its subsidiary KT-Kinetics Technology has finalized acquisition of the entire share capital of APS Evolution.

APS Evolution is the parent company of Italy-based APS Designing Energy and Poland-based KTI Poland.

These companies are engineering firms that boast a solid international reputation in the execution of projects for the conversion of natural resources with a specific focus on innovative rubbers and green chemistry, including biofuels and bioplastics.

As of June 30, the companies generated total revenues of 61.7 million euros (USD$ 66.7 million) and backlog was 137.3 million euros (USD$148.4 million).

Maire said the acquisition will enable it to expand its engineering capacity by adding a multidisciplinary team of around 290 experts in different fields such as process, automation, mechanical, piping, electrical and civil engineering.

Additionally, the takeover of KTI Poland will enhance Maire’s footprint in Eastern Europe, bringing new opportunities and prospects, especially in the upgrading of existing plants.

The agreement provides for an overall cash consideration of approximately 7.7 million euros (USD$8.3 million), of which approximately 1.2 million euros (USD$1.3 million) were paid July 30, and 6.5 million euros (USD$7 million) will be paid in four installments due by 2030.

“This acquisition will support the group’s expected growth in the coming years with highly skilled professionals,” said Maire CEO Alessandro Bernini.

“The decarbonization of the industry is a key factor in achieving the European Green Deal objectives and we are eager to contribute with our technological and engineering know-how to a more sustainable economy,” Bernini added.

APS Evolution has been advised by Studio Tributario e Legale Bianchi of Rome, while Maire has been supported by its internal M&A, legal and corporate affairs and governance teams.