UTI to invest some 16m euros in acquisitions

UTI Group, the producer of IT&C and security solutions, electric installations and military systems, controlled by businessman Tiberiu Urdareanu, announced it would invest some 12-16 million euros this year in the acquisition of companies, which would help strengthen the group’s different divisions. “Each of the four divisions of the group (Security and Defense Systems, Installations and Constructions, Maintenance and Administration, Information Technology and Communications) will have a budget of some 3-4 million euros, this year, for the acquisition of companies in their field. We want to see a balanced growth for the companies in the UTI group, because they all operate in areas with high growth potential,” stated Tiberiu Urdareanu, chairman of the UTI Group. The decision is part of the development plan for the next five years that involves the AIG Investment Fund, which took over a 30% stake in UTI shares at the end of 2005, through an approximately 17 million-euro capital increase. The group is currently in negotiations to get a credit of up to 50 euros to develop its business.