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Elkon’s profile Elkon was founded 30 years ago and has since grown into the most innovative maritime technological services provider in Turkey. Originally Elkon was mainly focussed on merchant marine type of ships. In recent years, Elkon is increasingly involved in the realisation of technology wise more complex vessels. The core of its activities consists of electrical services like electrical switchboards and bridge control systems, including the complete onboard electrical installation. In addition, Elkon has specialised in automation of engine rooms and alarm, monitoring and control. Elkon has a renowned reputation and excellent relationships with the Turkish shipbuilders. This industry is concentrated in Tuzla, a suburb of Istanbul - where Elkon is located. The management of Elkon will continue their activities in the coming years, which guarantees continuity. Maritime strategy Imtech (Imtech Marine Group) is one of the strongest players in the global marine market with a revenue of approximately 500 million euro and 2,400 employees. Its strategy is focused on growth, including further geographic expansion. Thus, Imtech actively anticipates on changes in the global shipbuilding market. Besides the Middle and Far East, where Imtech already has several local offices and production facilities, Turkey is also rapidly developing into important new center for shipbuilding. Ships built in Turkey are characterised by their competitive quality to price ratio and the Turkish market is evolving from producing relatively simple ships such as tankers and bulk carriers to constructing complex vessels such as mega yachts, naval vessels and offshore related ships. The technological component is thus becoming more important, since these ships require state-of-the-art electrical and automation solutions including electrical propulsion. Although Imtech is already involved in Turkey as technology partner for two (‘Milgem Class’) corvettes and sixteen patrol ships (‘New Type Patrol Boats’) for the Turkish navy, the strategically need to become a more local player became more and more eminent. Synergy During the past few years, an intensive partnership developed between Imtech and Elkon, in which both companies are jointly acting as a technology partner for new building programs of navy vessels, mega yachts and offshore related vessels. Now this collaboration is culminating in an acquisition of a strongly synergetic character; Elkon will focus on delivering electrical, automation and electrical propulsion systems and services, while Imtech will act as expertise and technology partner. From this strong local position, Elkon and Imtech can offer a complete package high-quality maritime solutions and services. Moreover, the strong financial position of Imtech will enable Elkon to start export activities to countries on the borders of Europe and Asia that are allied with Turkey. Elkon can also serve as a cost-efficient production location for Imtech’s product range of electrical systems. Approval by the competition authorities The acquisition is subject to approval by the Turkish competition authorities. Source: IMTECH press release |
Imtech strengthens position in Turkey’s