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 construction group listed 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. Founded through the merger of Fiat Engineering and Tecnimont in 2005, the group 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 2016 Maire Tecnimont launched a new phase to bring about the digital transformation of its production processes[25] and to open up to new business areas, such as renewable energy and green chemistry.[26]

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).[27][28] In July 2019, it's division Stamicarbon acquired the Dutch IT company Protomation to continue its process of business digitalisation.[29]

In 2020, EuroChem, one of the world's largest fertilizer producers, and Maire Tecnimont signed an agreement to build a large urea and ammonia complex in the town of Kingisepp, north-western Russia. The complex was expected to begin operations in 2023, producing up to 1.1 million tonnes of ammonia and 1.4 million tonnes of urea annually for European markets.

From the outset, the project reportedly faced rising costs, logistics disruptions, and the effects of the COVID-19 pandemic. In spring 2022, Tecnimont initiated a revision of the contract terms and suspended construction, citing anti-Russian sanctions, which led to legal disputes in London and Moscow. EuroChem stated that the project’s difficulties predated the sanctions and accused the contractor of acting in bad faith. [30]

In July 2025, a London court ruled in favor of Maire Tecnimont, awarding approximately €800 million. In November 2025, Russian courts upheld counterclaims by EuroChem Severo-Zapad-2 against Maire Tecnimont totaling more than $2.2 billion.[31]

In January 2026, courts in Malaysia and India accepted EuroChem's lawsuits seeking the seizure of Maire Tecnimont’s assets; the Italian company is involved in major investment projects in both countries, which maintain agreements with Russia on the recognition of court decisions.[32]

Criticism

Maire Tecnimont maintained its operations in Russia during the period of international sanctions following Russia's invasion of Ukraine.[33] The company's actions faced criticism from organizations advocating for corporate responsibility in global conflicts.[34]

Activities

In 2019 the company's activity was 95% in Hydrocarbons and 3% in Green Energy.[35]

The business activities are geographically located:[36]

  • 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[37][38]
    • KT – Kinetics Technology: process engineering contractor[39]
    • Stamicarbon:[40] 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[37][38]
    • Met Gas Processing Technologies
  • Renewable & Green[1]
    • Neosia Renewables: company specializing in the design and construction of renewable energy plants
    • Nextchem:[41] company specialized in the green chemicals sector[42]
  • New Business Model[1]
    • Met Development: corporate services

Financial results

Financial year Revenues

(million €)

EBITDA

(million €)

EBIT

(million €)

Group profit

(million €)

2024[43] 5,900.0 386.4 321.6 212.4
2023[44] 4,259.5 274.4 216.5 129.5
2022[45] 3,463.7 209.3 158 90.4
2021[46] 2,864.8 173.3 130 80.5
2020[47] 2,630.8 172.2 123.7 54.2
2019[48] 3,338.4 235.6 185.7 113.0
2018[49] 3,646.6 205.7 185.5 110.6
2017[50] 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. ^ "Da Maire Tecnimont 50 mln su innovazione" (in Italian). 19 November 2019. Retrieved 4 June 2020.
  26. ^ "Maire Tecnimont si lancia nella chimica verde" (in Italian). Retrieved 4 June 2020.
  27. ^ "Maire Tecnimont entra con Nextchem nel riciclo meccanico della plastica" (in Italian). 21 February 2019. Retrieved 4 June 2020.
  28. ^ "Maire Tecnimont entra nel green con la plastica da rigenerare" (in Italian). 20 February 2019. Retrieved 4 June 2020.
  29. ^ "Maire Tecnimont acquista Protomation, società attiva nell'innovazione digitale" (in Italian). Retrieved 4 June 2020.
  30. ^ "Moscow court ruling puts Italian engineering group MAIRE under pressure". EU Reporter. 28 November 2025.
  31. ^ "Russian court awards EuroChem $2.19 billion in lawsuit against Italy's Tecnimont". Reuters. 28 November 2025.
  32. ^ "The Maire - EuroChem Case: Three Lessons for Global Business". Econotimes. 28 January 2026.
  33. ^ "Maire Tecnimont - Leave Russia". Leave Russia. Retrieved 26 December 2024.
  34. ^ "Corporate Responses to Sanctions Against Russia". Leave Russia. Retrieved 26 December 2024.
  35. ^ "FY 2021 RESULTS". Retrieved 8 August 2022.
  36. ^ "FY2020 FINAL" (PDF). Retrieved 24 May 2021.
  37. ^ a b "Maire Tecnimont: profilo societario" (in Italian). Retrieved 22 July 2020.
  38. ^ a b "Annual Report 2019" (PDF). Retrieved 23 June 2019.
  39. ^ "Nuovo contratto in Angola per Maire Tecnimont" (in Italian). 6 June 2019. Retrieved 18 July 2019.
  40. ^ "Maire Tecnimont si aggiudica progetto fertilizzanti in Russia" (in Italian). 17 December 2018. Retrieved 18 July 2019.
  41. ^ "Marie Tecnimont verso l'economia circolare con il nuovo stabilimento NextChem" (in Italian). 3 June 2019. Retrieved 18 July 2019.
  42. ^ "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.
  43. ^ "MAIRE's 2024 results confirm sustained growth, with the highest net profit ever". Retrieved 24 March 2025.
  44. ^ "MAIRE announces its FY 2023 consolidated financial results and 2024-2033 strategic plan". Retrieved 24 March 2025.
  45. ^ "MAIRE TECNIMONT ANNOUNCES ITS 2022 CONSOLIDATED FINANCIAL RESULTS". Retrieved 24 March 2025.
  46. ^ "MAIRE TECNIMONT ANNOUNCES ITS 2021 CONSOLIDATED FINANCIAL RESULTS" (PDF). Archived from the original (PDF) on 30 May 2022. Retrieved 30 May 2022.
  47. ^ "Maire Tecnimont annuncia i risultati consolidati 2020".
  48. ^ "Maire Tecnimont: ricavi a € 3,3 miliardi, EBITDA a € 235,6 milioni". Archived from the original on 13 March 2020. Retrieved 24 March 2020.
  49. ^ "Maire Tecnimont: utile netto 2018 a 117 milioni (+20%)". Retrieved 24 March 2020.
  50. ^ "Maire Tecnimont: utile netto 2018 a 117 milioni (+20%)". Retrieved 24 March 2020.
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