Batco acquires majority shares in Italian EMIT

Agreement allows company to diversify portfolio

Local firm Badawi Azour for Trade and Contracting (BATCO) became the major shareholder in Ercole Marelli Impianti Tecnologici (EMIT), an Italian firm specialized in engineering, procurement, and construction in water and waste sectors, and energy production from renewable sources.

An announcement said the agreement signed between the two parties gives BATCO ownership of 55 percent of the company’s firm, for an undisclosed amount. Euromec, another Italian manufacturing firm, owns the remaining shares.

Antoine Azour, Chairman of BATCO said: “The water sector is the future, especially for the MENA region. Millions of dollars are being spent in it every year.”

This strategic agreement contributes to strengthening BATCO’s portfolio, which includes projects in more than 20 countries. “It allows BATCO to include to its range of service large-scale industrial facilities, bridges, and solid waste treatment plants,” he said.

The Italian Protocol signed with the Government already funds several treatment plants. “This would definitely benefit our work and our position in the market will be strengthened.”
The deal’s size was valued at tens of millions of euros. Azour refused to disclose the exact amount.

EMIT has completed over 400 projects in Europe, Latin America, and MENA over a period of 30 years. It now has projects under construction in Romania, United Arab Emirates, Turkey, and Egypt.

Italian authorities are expected to issue the final approval by the first half of 2014.

BATCO’s annual turnover reached $400 million in 2013. It employs over 5,000 people.