Since 2007, when IK acquired a majority stake in Magotteaux, the Company has developed significantly. Under IK’s ownership a number of major operational improvements have been successfully achieved, including adding a strong business performance orientation to the engineering culture; overhauling the approach to health & safety (man hours lost more than halved) and, applying tested operational excellence programs such as lower sourcing costs to reduce working capital and better serve clients.
Secondly, IK has undertaken a major investment programme in both the core Belgian business and overseas over the last 4 years. Specifically, over €120 million has been spent on maintenance projects and on capex, the latter to support expansion into emerging markets such as Thailand and India. This has resulted in the introduction of several new products, a 15% increase in headcount, a one third increase in sales to €500 million and a two thirds increase in EBITDA to €66 million in 2011.