Swedes take over NEC

THE Ittur Group of Companies for Sweden has acquired the majority shareholding in the Namibian Engineering Corporation (NEC) in a recent investment move.

NEC CEO Andreas Brueckner yesterday would not disclose to The Namibian how much the investment was worth, nor how many shares had been acquired by Ittur through the deal. This acquisition is said to form a platform for Ittur’s expansion in southern Africa.NEC has been involved in infrastructure development, with emphasis on the mining industry and the application of alternate energy sources, since 1958.A financial boost was required for the company to maximise operations.”The future potential in these sectors was beyond the means of the present shareholders in NEC.This then brought about the NEC-Ittur association which should result in a win-win situation for the benefit of all stakeholders in NEC,” said Brueckner.He added that the takeover would not necessarily change the current management, adding that the shareholders wanted to “keep everything at the company more or less the same”.Efforts to get comment and further information from the Ittur Namibia Investment Company offices in Windhoek proved futile.Ittur is owned by Swedish businessman Johan Hansen and his family, and is involved in timber processing, housing construction and the clothing and textile industry in Europe and North Africa.This acquisition is said to form a platform for Ittur’s expansion in southern Africa.NEC has been involved in infrastructure development, with emphasis on the mining industry and the application of alternate energy sources, since 1958.A financial boost was required for the company to maximise operations.”The future potential in these sectors was beyond the means of the present shareholders in NEC.This then brought about the NEC-Ittur association which should result in a win-win situation for the benefit of all stakeholders in NEC,” said Brueckner.He added that the takeover would not necessarily change the current management, adding that the shareholders wanted to “keep everything at the company more or less the same”.Efforts to get comment and further information from the Ittur Namibia Investment Company offices in Windhoek proved futile.Ittur is owned by Swedish businessman Johan Hansen and his family, and is involved in timber processing, housing construction and the clothing and textile industry in Europe and North Africa.