AM NV (Amstelland MDC), developer of urban centres, shopping centres, housing estates and offices, has sold the Zeeland-based construction company Bouwbedrijf Imotec BV to the companyÃ¢â¬â¢s management.
The disposal follows the takeover of Projektbouw Zeeland BV by AM in April 2003, which enabled AM to strengthen its position in the housing market in the province of Zeeland. Projektbouw Zeeland, now operating under the new name of Projectontwikkeling Zeeland, is active in housing development throughout Zeeland and currently has a sufficient portfolio to build around 1,700 new homes.
At the time of acquisition, it was announced that Imotec, the construction company of Projektbouw Zeeland, would be sold on because AM concentrates exclusively on property development and does not engage in actual construction activities. The management buyout at Imotec is in fulfilment of the original intention.
Projectontwikkeling Zeeland and Imotec will continue to work closely together on the construction of projects. Imotec will enjoy Ã¢â¬Ëpreferred supplierÃ¢â¬â¢ status with regard to the building of homes in the Projectontwikkeling Zeeland development portfolio.
The takeover does not have any adverse effects on employment. The unions and the works councils have been officially notified.
Appointment at Projectontwikkeling Zeeland
It has already been announced that Mr J.L.A. (Jan) Sips (37) has been appointed managing director of Projectontwikkeling Zeeland with effect from 1 July. W.S.A (Willy) de Winter, founder and, until recently, managing director of Projektbouw Zeeland, will continue to be involved in the companyÃ¢â¬â¢s activities in an advisory capacity. The company has offices in Terneuzen and Goes.
Source: AM NV