The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Construction Of Buildings And Infrastructure Engineering Civil Engineering 42 - Civil engineering
222 - 22,000 jobs Number of planned job losses
Announcement Date
26 August 2015
Employment effect (start)
13 August 2015
Foreseen end date
Description
The whole company - an engineering firm - filed for insolvency. Restructuring and reorganisation attempts failed, and the parent company filed for insolvency in September 2015; Imtech Germany filed in August, and Imtech UK is continuing to reduce in size. The Marine and Nordic divisions are set to be sold to private investors. This follows a major accounting scandal from 2013 in the company's German and Polish divisions, which has resulted in a turbulent two years financially. Jobs that remain will fall under the remit of new owners on a division-by-division basis. Two Belgian divisions - Imtech Belgium Holding N.V. and Imtech België B.V. - have been bought out by Dutch based Cordeel Group, which Imtech Nordic has been purchased by Parcom Capital and Pon Holdings.
Sources
26 August 2015: Construction Enquirer
10 August 2015: building.co.uk
24 September 2015: imtech press release
Citation
Eurofound (2015), Royal Imtech N.V., Bankruptcy in European Union, factsheet number 85203, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85203.
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