Electronics Production | February 15, 2008
Eurotech bosted turnover by acquisitions
Italian embedded firm Eurotech boosted its turnover from 2006 to 2007 by several acquisitions.
Eurotech SpA increased its fourth quarter revenues by 66.1 percent to €26.31 million and its annual revenue up 50.8 percent to €76.53 million. The heavy increase can be explained by several of the company’s acquisitions such as the acquisition of Applied Data Systems Inc. in January 2007 and the Japanese group Advanet in October 2007. Group profits in the fourth quarter amounted to €13.29 million (up 58.6 percent on the same period last year) accounting for 50.5 percent of revenues. In addition Eurotech in December invested in unmanned aerial vehicles (UAV) with the acquisition of 21 percent of the share capital of UTRI SpA. One year after the acquisition of 20 percent of the capital of Kairos Autonomi, this operation completes Eurotech's technology offering in the UAV sector.