Ansaldo Energia CEO: Asia sales to be boosted by acquisitions and Ansaldo Energia's focus on acquisitions

Ansaldo Energia, a developer of power plants in Italy, is seeking to expand its business into new markets like Vietnam and Malaysia by acquiring companies. Its chief executive stated that the company aims to double their turnover over the next few years.

The group, owned by the Italian state bank Cassa Depositi e Prestiti and which makes nuclear reactors, has recovered from a slump brought on by a drop in orders during COVID and now looks to expand its presence outside Europe.

Fabrizio Fabbri, CEO of Energy Summit, told reporters at the conference that the company needs to grow, change its scale, find new partners, and invest in technology and capacity.

"This means acquisitions... We need to produce more."

Fabbri stated that the company aims at strengthening its position in thermal power, which includes steam and gas turbines.

Ansaldo has already established itself in the United Arab Emirates, China and Vietnam.

"We are analyzing several opportunities. "We are not in a rush, but we do know that we must grow and double our revenue in the next few years," Fabbri stated.

Separately the group announced on Thursday that it had completed an upgrade of a power plant in Italy owned by Swiss group Alpiq. The group installed turbines which could replace up to 25 percent of natural gas with hydrogen. $1 = 0.8511 Euros (Reporting and editing by Alvise Armillini and Susan Fenton).

(source: Reuters)