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Implenia enters agreement for Locher’s construction subsidiary
Posted on Friday, 22 June 2012 10:53
Listed Swiss building contractor Implenia has entered into an agreement to buy Locher Bauunternehmer, a construction business belonging to Locher AG.
All of the target’s employees are to be retained following the purchase, which is expected to complete at the beginning of July.
Following the sale, Locher plans to concentrate on its engineering services division, known as Locher Ingenieure.
No financial details have been disclosed.
As a result of the acquisition, Implenia will benefit from an increased market presence and knowledge level, particularly in the infrastructure refurbishment sector, where both firms’ existing services will be consolidated into a new unit to be led by the target’s chief executive Marc Giger.
In addition, the acquiror will benefit from new growth opportunities in Switzerland.
Locher is headed by its president Christopher Oechsle and is specialised in the conversion, civil works refurbishment and hydrodynamics fields.
It recorded revenue of more than CHF 40.00 million in fiscal 2011, and was founded in 1830 by Johann-Jacob Locher-Oeri.
Implenia was formed in 2006 as the result of a merger between Zschokke and Batigroup.
The business employs 5,400 people across more than 100 locations within Switzerland and abroad and generated revenues of CHF 2.52 billion (USD 2.63 billion) in fiscal 2011, up 5.4 per cent on the CHF 2.39 billion (USD 2.50 billion) recorded in 2010.
Implenia is headquartered in Dietlikon and according to its website, is Switzerland’s leading construction company.
It has been listed on the SIX Swiss Exchange since March 2006.
Locher Bauunternehmer employs 160 staff and is based in Zurich.
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