Austria-based Aqua Engineering GmbH, subsidiary of Chris Water Technology AG, announced in a statement it bought Innoterv Zrt., a mayor player in the Hungarian public utility construction and design market.
Aqua Engineering, one of the biggest firms on the European water and waste water treatment market, acquired the Hungarian company in order to gain bigger market share in the East-Central European region, daily Napi Gazdasag quoted a company statement. As a result of this acquisition, the buyer wishes to strengthen its position in the surrounding countries, mainly in Romania and Croatia.
Innoterv Zrt is expected to generate a turnover of HUF 5 billion (EUR 18.29 million). The company said it is likely to expand its staff from the current 80 employees. So far Innoterv has been owned mainly by Hungarian private individuals, Napi Gazdasag said.