Maire Tecnimont

MAIRE
Company typeSocietà per azioni
BIT: MT
FTSE Italia Mid Cap
IndustryEngineering and contracting
HeadquartersRome
Key people
  • Fabrizio Di Amato, Chairman[1]
  • Alessandro Bernini, CEO[2]
Revenue€5.9 billion (2024[3])
€212.4 million (2024 [3])
Owners
  • GLV Capital – 51.02%
  • Yousif Mohamed Ali Nasser Al Nowais – 4,00%
  • Other retail and institutional investors – 44.98%
Number of employees
9,800 (2024 [3])
Subsidiaries
  • Tecnimont
  • Nextchem[4]
  • KT – Kinetics Technology
  • Stamicarbon
  • Met Development
  • MST
  • My Replast Industries
  • MyRechemical
Websitegroupmaire.com/en/
Footnotes / references
[5]

MAIRE (Maire Tecnimont S.p.A.) is an Italian engineering and contracting company. Formed in 2005 from the merger of Fiat Engineering and Tecnimont, it is publicly traded on the Milan Stock Exchange. Headquartered in Milan, the company provides engineering, procurement, and construction (EPC) services and technology solutions for the energy, chemicals, and industrial sectors. It operates globally through subsidiaries including Tecnimont, NextChem, and Stamicarbon.

History

Origins

Maire Tecnimont has its origins dating back to the 1930s with the founding of "Servizio Costruzioni e Impianti Fiat S.A.".[6][7] It was set up as a division of the Fiat Group to design and construct equipment for car manufacturing. It was involved in the production of cogeneration and combined cycle plants both in Italy and abroad, also focusing on the Middle East and Latin America. Servizio Costruzioni e Impianti Fiat S.A. was spun off from Fiat in 1972 under the name Fiat Engineering S.p.A.[8]

In 1966, Montecatini and Edison merged to form Montedison. In 1973, Montedison its consolidated engineering and development into a new subsidiary called Tecnimont S.p.A."[9] In 2004 Maire Holding acquired Fiat Engineering[10] and in 2005 acquired Tecnimont, forming Maire Tecnimont.[11] In 2007, Maire Tecnimont went public on the Milan Stock Exchange.[12]

2008 to present

In 2008 Maire Tecnimont finalised the acquisition of the entire share capital of it:Tecnimont ICB Pvt. Ltd.[13] Also in 2008, the Group acquired Noy Engineering which expanded its technological portfolio.[14]

In 2009 Maire Tecnimont's acquisition of Stamicarbon allowed it to combine its traditional EPC activities with technology licensing services.[15] Also in 2009, it entered the renewable energy industry with the creation of Met NewEn. The new company operates in the biomass and concentrated solar power sector.[16][17]

On 2 August 2010, the company signed a lease contract for two Garibaldi Towers in Milan.[18][19] The same year, it acquired Technip KTI SpA (TKTI) through the acquisition of a parent company: Sofipart Srl.[20] In the first half of 2011, Maire Tecnimont created a new company named Tecnimont Civil Construction (TCC). The objective is to synergistically boost the Maire Tecnimont's expertise in the infrastructure and civil engineering sectors.[21]

Starting in 2014-15, Tecnimont was part of a consortium along with Odebrecht and Estrella to develop the Punta Catalina coal-fired power plant in the Dominican Republic. Tecnimont was responsible for engineering and construction works, with the initial contract value estimated at approximately US$1.9 billion.[22][23] Following disputes over cost increases, the contractor consortium demanded additional funding to complete the project which was agreed to by the Dominican government. After the settlement, the plant was completed and commissioned.[24]

In 2015, Maire Tecnimont, through its subsidiary Tecnimont and KT-Kinetics Technology, served served as an EPC contractor for key processing units of the SOCAR Polymer petrochemical complex located in the Sumgayit Chemical Industrial Park in Azerbaijan.[25]

In 2016 Maire Tecnimont launched a new phase to bring about the digital transformation of its production processes[26] and to open up to new business areas, such as renewable energy and green chemistry.[27]

In November, 2018 Maire Tecnimont set up Nextchem, a new company to oversee green chemistry projects and projects focusing on energy transition. Among these, the construction of plants for the mechanical recycling of plastic, such as the one in Bedizzole (Brescia).[28][29] In July 2019, it's division Stamicarbon acquired the Dutch IT company Protomation to continue its process of business digitalisation.[30]

In 2020, Tecnimont (part of the MAIRE group) and its Russian affiliate MT Russia entered into contracts with the Russian company EuroChem North-West-2, a subsidiary of the EuroChem Group, for the engineering and construction of a gas-chemical complex in Kingisepp, Leningrad Region, with a total value of approximately €1 billion.[31] In 2022, Tecnimont suspended works, citing restrictions related to European Union sanctions [32], while EuroChem subsequently terminated the contract, alleging non-fulfilment of contractual obligations. The dispute escalated into arbitration proceedings, followed by related litigation in multiple jurisdictions.[33][34]

In December 2021, Maire Tecnimont subsidiary Tecnimont was awarded three of the five main EPC packages for the expansion project of the Borouge petrochemical complex located in the Ruwais industrial area, Abu Dhabi, United Arab Emirates.[35][36] The packages awarded to Tecnimont include the construction of two new polyethylene units and a 1-hexene unit, utilities and offsites facilities, and a second cross-linkable polyethylene (XLPE) plant. The combined value of these three EPC packages is estimated at approximately US$3.5 billion.[35][36]

In June 2023, Saudi Aramco and TotalEnergies awarded EPC contracts for the main processing units of the SATORP complex in the Jubail industrial area in Saudi Arabia to several international contractors. Maire Tecnimont was awarded two EPC contracts with a combined value of approximately US$2 billion, making it one of the key contractors involved in the development of the complex.[37]

Activities

In 2019 the company's activity was 95% in Hydrocarbons and 3% in Green Energy.[38]

The business activities are geographically located:[39]

  • 63% in Europe,
  • 7% in the Middle East,
  • 2% in North America,
  • 18% Africa,
  • 10% Asia.

Group structure

  • Hydrocarbon Processing[1]
    • Tecnimont: engineering company and main contractor in chemicals, petrochemicals, oil and gas, energy, infrastructure and civil engineering, with a 50% market share in low-density polyethylene plants and 30% in polyolefin plants[40][41]
    • KT – Kinetics Technology: process engineering contractor[42]
    • Stamicarbon:[43] services company acquired from DSM in October 2009, specializing in licensing and intellectual property, world market leader in urea technology with a 54% market share[40][41]
    • Met Gas Processing Technologies
  • Renewable & Green[1]
    • Neosia Renewables: company specializing in the design and construction of renewable energy plants
    • Nextchem:[44] company specialized in the green chemicals sector[45]
  • New Business Model[1]
    • Met Development: corporate services

Financial results

Financial year Revenues

(million €)

EBITDA

(million €)

EBIT

(million €)

Group profit

(million €)

2024[46] 5,900.0 386.4 321.6 212.4
2023[47] 4,259.5 274.4 216.5 129.5
2022[48] 3,463.7 209.3 158 90.4
2021[49] 2,864.8 173.3 130 80.5
2020[50] 2,630.8 172.2 123.7 54.2
2019[51] 3,338.4 235.6 185.7 113.0
2018[52] 3,646.6 205.7 185.5 110.6
2017[53] 3,524.3 193.5 183.5 118.7

See also

References

  1. ^ a b c d "Annual report 2018" (PDF). Retrieved 18 July 2019.
  2. ^ "Maire Tecnimont, Bernini nuovo Amministratore Delegato e Direttore Generale". Retrieved 30 May 2022.
  3. ^ a b c "Marie Tecnimont Group 2024 Annual Report". 24 March 2025.
  4. ^ "Maire Tecnimont entra nel green con la plastica da rigenerare" (in Italian). 20 February 2019. Retrieved 18 July 2019.
  5. ^ "MAIRE Shareholders". Retrieved 24 March 2025.
  6. ^ "Storia" (in Italian). Archived from the original on 13 January 2020. Retrieved 22 April 2020.
  7. ^ M. Colomba (2011). I progetti Fiat Engineering (1937–1979), Volume 1 (in Italian). Silvana Editore.
  8. ^ Maire Tecnimont, Strong fundamentals, low rating, Initiate with a 1-Overweight recommendation, Lehman Brothers, 11 January 2008
  9. ^ "Tecnimont: A turn of the key". MEED. 12 June 2004.
  10. ^ "Il gruppo Maire Tecnimont predispone un archivio di progetti e fotografie da 26 milioni" (in Italian). 16 January 2019. Retrieved 18 July 2019.
  11. ^ "Di Amato, dalla chimica agli elicotteri" (in Italian). 15 June 2010. Retrieved 18 July 2019.
  12. ^ "Maire Tecnimont, volano ricavi e utili. E il titolo vola" (in Italian). 15 March 2018. Retrieved 18 July 2019.
  13. ^ "Bloomberg – Tecnimont". Bloomberg News. Retrieved 4 June 2020.
  14. ^ "Maire Tecnimont, acquisita Noy Engineering per 2,3 mln" (in Italian). Archived from the original on 14 January 2020. Retrieved 4 June 2020.
  15. ^ "Maire Tecnimont acquista Stamicarbon da olandese Dsm per 38 mln" (in Italian). Archived from the original on 14 January 2020. Retrieved 4 June 2020.
  16. ^ "Maire Tecnimont diventa rinnovabile" (in Italian). Retrieved 4 June 2020.
  17. ^ "Costruita la centrale a biomassa Olevano Lomellina!" (in Italian). January 2013. Retrieved 4 June 2020.
  18. ^ "Come sta cambiando lo skyline di Milano" (in Italian). Retrieved 18 July 2019.
  19. ^ "Grattacieli di Milano: torri e palazzi di una città in crescita" (in Italian). 28 October 2016. Retrieved 18 July 2019.
  20. ^ "Maire Tecnimont entra nel capitale sociale di Sofipart" (in Italian). 5 March 2010. Retrieved 4 June 2020.
  21. ^ "Bloomberg – Maire Tecnimont SpA". Bloomberg News. Retrieved 4 June 2020.
  22. ^ "Punta Catalina audit gets nasty". DR1.com. Retrieved 6 January 2026.
  23. ^ "B&W Awarded Contract For Dominican Republic Coal Fired Boiler Project". Babcock & Wilcox. Retrieved 6 January 2026.
  24. ^ "The Dominican Government and the Odebrecht-Tecnimont-Estrella Consortium Reach Agreement to Settle All Existing Disputes and Guarantee Completion and Final Delivery of the Coal-Fired Central Termoeléctrica Punta Catalina Project (CTPC)". Business Wire. 17 March 2020.
  25. ^ "SOCAR Polymer commissions HDPE plant in Azerbaijan". Oil & Gas Journal. 19 February 2019. Retrieved 6 January 2026.
  26. ^ "Da Maire Tecnimont 50 mln su innovazione" (in Italian). 19 November 2019. Retrieved 4 June 2020.
  27. ^ "Maire Tecnimont si lancia nella chimica verde" (in Italian). Retrieved 4 June 2020.
  28. ^ "Maire Tecnimont entra con Nextchem nel riciclo meccanico della plastica" (in Italian). 21 February 2019. Retrieved 4 June 2020.
  29. ^ "Maire Tecnimont entra nel green con la plastica da rigenerare" (in Italian). 20 February 2019. Retrieved 4 June 2020.
  30. ^ "Maire Tecnimont acquista Protomation, società attiva nell'innovazione digitale" (in Italian). Retrieved 4 June 2020.
  31. ^ "Суд Лондона отказал "Еврохиму" в иске против банков о выплатах по гарантиям по заводу удобрений в Кингисеппе". rupec.ru (in Russian). Retrieved 6 January 2026.
  32. ^ KC, Maya Lester (18 December 2025). "EU General Court rejects Andrey and Aleksandra Melnichenko delisting applications". Global Sanctions. Retrieved 3 March 2026.
  33. ^ "How Ukraine war brought a $2.2 bn-dollar dispute between Russian company & Italian firm to Bombay HC". theprint.in. Retrieved 3 March 2026.
  34. ^ "Court orders EuroChem to halt overseas enforcement in defiance of ICC arbitration". International Comparative Legal Guides. Retrieved 3 March 2026.
  35. ^ a b "BOROUGE 4 (B4) Project- Ethane Cracker". www.target.ae. Retrieved 6 January 2026.
  36. ^ a b S, Mohammad (12 February 2022). "Groundbreaking Performed for $6.2bn Borouge 4 project". SaudiGulf Projects. Retrieved 6 January 2026.
  37. ^ "Maire Tecnimont wins two $2 billion petrochemical contracts in Saudi Arabia". Seetao. 26 June 2023. Retrieved 6 January 2026.
  38. ^ "FY 2021 RESULTS". Retrieved 8 August 2022.
  39. ^ "FY2020 FINAL" (PDF). Retrieved 24 May 2021.
  40. ^ a b "Maire Tecnimont: profilo societario" (in Italian). Retrieved 22 July 2020.
  41. ^ a b "Annual Report 2019" (PDF). Retrieved 23 June 2019.
  42. ^ "Nuovo contratto in Angola per Maire Tecnimont" (in Italian). 6 June 2019. Retrieved 18 July 2019.
  43. ^ "Maire Tecnimont si aggiudica progetto fertilizzanti in Russia" (in Italian). 17 December 2018. Retrieved 18 July 2019.
  44. ^ "Marie Tecnimont verso l'economia circolare con il nuovo stabilimento NextChem" (in Italian). 3 June 2019. Retrieved 18 July 2019.
  45. ^ "Eni: intesa con Maire Tecnimont su un progetto di trasformazione dei rifiuti in idrogeno e metanolo" (in Italian). 10 June 2019. Retrieved 18 July 2019.
  46. ^ "MAIRE's 2024 results confirm sustained growth, with the highest net profit ever". Retrieved 24 March 2025.
  47. ^ "MAIRE announces its FY 2023 consolidated financial results and 2024-2033 strategic plan". Retrieved 24 March 2025.
  48. ^ "MAIRE TECNIMONT ANNOUNCES ITS 2022 CONSOLIDATED FINANCIAL RESULTS". Retrieved 24 March 2025.
  49. ^ "MAIRE TECNIMONT ANNOUNCES ITS 2021 CONSOLIDATED FINANCIAL RESULTS" (PDF). Archived from the original (PDF) on 30 May 2022. Retrieved 30 May 2022.
  50. ^ "Maire Tecnimont annuncia i risultati consolidati 2020".
  51. ^ "Maire Tecnimont: ricavi a € 3,3 miliardi, EBITDA a € 235,6 milioni". Archived from the original on 13 March 2020. Retrieved 24 March 2020.
  52. ^ "Maire Tecnimont: utile netto 2018 a 117 milioni (+20%)". Retrieved 24 March 2020.
  53. ^ "Maire Tecnimont: utile netto 2018 a 117 milioni (+20%)". Retrieved 24 March 2020.
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