TAIM-TFG takes over Weser Engineering

TAIM-TFG takes over Weser Engineering
Published: 13 December 2006

TAIM-TFG is making progress on its strategy of positioning itself internationally through the takeover of the company Weser Engineering GmbH. This move will allow the company from Aragón to increase its turnover by 20%, reinforce its market presence in Central European countries, and increase its technological capacity.

Last 12th September the take over was completed, which resulted in TAIM-TFG SA acquiring 100% of the shares  of the German company Weser Engineering GmbH., until then a subsidiary of the Spanish naval construction group Izar.

TAIM TFG SA and IZAR agreed upon the terms of the transaction, which was approved last May by the Board of Directors of the Holding Company for State Shares in Companies (SEPI in Spanish) and was  then authorised at the Council of Ministers last 28th July, following a ruling from the Consultative Council for Privatisation (CCP in Spanish).

As a result TAIM TFG S.A. has taken on and subrogated obligations (responsibilities and bank guarantees under process) and rights (accounts, order portfolio, etc) of the aforementioned acquiree.

Weser is an industrial plant building company with registered address in the city of Bad Oeyenhausen (Nordrhein Westfalia) and a branch in the south of the country, in Saar Louis (Saarland). It employees 39 people, of whom more than half are engineers. The company tradesworld wide in, amongst others, the following industrial sectors: mining, iron and steel, cement, power, and environment with bulk solids handling being the main activity.

At present, the company has a project portfolio until 2008 exceeding 20 million euros, and bids in the negotiation phase amounting to around 90 million euros.

Weser Engineering will continue to operate with full executive and hierarchical autonomy, but under the global strategy developed by the business group TAIM TFG, S.A.

As a result of this merger, both companies have technologies that complement each other in different sectors, more specifically in the sectors of Material Handling and Urban Solid Waste Treatment.

In accordance with the press release sent out by Weser, becoming a member of the Spanish group will bring the firm additional diverse synergies which will allow it to continue with stable growth.